Bitcoin's Combined Market Index Falls into Bearish Territory

The CryptoQuant report analyzed Bitcoin's Combined Market Index (BCMI) and found that it has fallen into the low 0.2 range, a zone typically associated with bearish conditions.

This decline mirrors early bear market phases in 2018 and 2022, where the BCMI also fell to similar levels.

The report notes that previous cycle bottoms were formed when the BCMI reached around 0.10-0.15, but current readings remain above those levels, indicating a possible structural shift rather than full capitulation.