Bitcoin risks extended retreat as April rally was futures-driven: CryptoQuant

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Source: CryptoQuant Related: Bitcoin price hits one-week low as $100 oil sparks fresh Asia crisis fears “History suggests this setup carries meaningful downside risk as Bitcoin remains in a bear market regime,” CryptoQuant said. The report is in contrast with a note on Tuesday from Bitwise chief investment officer Matt Hougan, which said the Bitcoin treasury company Strategy has been the “single biggest factor” in Bitcoin's recent rally. “There have been multiple drivers of the recent rally, including strong buying from ETFs [exchange-traded funds], $3.8 billion since March 1, and renewed purchases by long-term holders. But Strategy has been the single biggest factor,” Hougan argued. CryptoQuant added that its Bull Score Index, which analyzes market and network activity to gauge market sentiment on a scale of 100, fell from 50 to 40 in April despite the price increase. “The Bull Score returning back to 40 indicates conditions are ‘getting bearish’ and places the market in the same range that historically preceded continued price weakness,” CryptoQuant said. Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

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