CryptoQuant Bull Index Crashes 60% Amid Fed Rate Hike
The CryptoQuant Bull Index has plummeted to a reading of 30 after the Federal Reserve's rate hike, indicating a shift from bullish to bearish market conditions for Bitcoin.
This marks a significant deterioration in the indicator's reading, having previously reached an all-time high of 80 on August 25. The Bull Score is designed by CryptoQuant to track a range of on-chain and market signals that assess Bitcoin's prevailing market regime.
The rate hike took the target interest rate range to 3.75% to 4%, with Bitcoin showing relatively limited immediate price reaction, trading around $76,000 after the announcement.