Bitcoin's Combined Market Index Signals Bearish Shift
The Bitcoin Combined Market Index (BCMI) has fallen into a low 0.2 range, mirroring early bear market conditions seen in 2018 and 2022.
According to CryptoQuant's analysis, this decline is not typical of a routine mid-cycle correction but rather a structural shift towards risk-off environments.
The index aggregates valuation metrics such as MVRV, profitability indicators like NUPL, spending behavior via SOPR, and broader sentiment measures into a single composite reading.
Historical data shows previous cycle bottoms formed when BCMI reached approximately 0.10-0.15, but current readings remain above those levels, suggesting that while Bitcoin may be operating within a bearish framework, full capitulation has not yet arrived.
The $60,000, $62,000 zone is now a critical support area for BTC, aligning with prior consolidation phases and high-liquidity trading zones that historically attracted demand.