Indicators point to a possible decline in the Bitcoin market

Alarming signals have appeared in the bitcoin market: 4 on-chain metrics at once indicate a likely slowdown in the growth of quotes. At the same time, none of them has yet confirmed the end of the bullish cycle. This was stated by CryptoQuant researcher Burak Kehmeci.
The first indicator - the IFP metric - continues to signal a potential bearish trend. The indicator is currently at 696 thousand, while its 90-day moving average (SMA90) is at 794 thousand. As long as the IFP remains below the SMA90, it is too early to talk about a resumption of growth. This indicates continued selling pressure.
The second signal is the CQ indicator of bull and bear market cycles. The expert explained that the DMA30 is at -0.16, while the DMA365 is at 0.18. To confirm a new upward trend in BTC's price, the first must rise above the second. Until this happens, the market remains in a zone of uncertainty, and the current decline can be either a natural correction or the beginning of a deeper drop.
"The MVRV indicator also raises questions. Historically, if the indicator remains below its 365-day moving average (SMA365), selling pressure intensifies. The current situation resembles the events of August 5, 2024, when a market crisis caused MVRV to fall below SMA365. At that time, the BTC price was able to recover after the downturn ended. Currently, there are no confirmations of an upward reversal," emphasized the specialist.
Finally, the 4th indicator – NUPL – also does not inspire optimism. The current value of NUPL is 0.49, while the SMA365 is at 0.53. To return to a bullish trend, it must cross this level, but so far this has not happened, indicating possible weakness among buyers.