CryptoQuant Weekly Report Puts Bitcoin (BTC) Bull Score at 20

Bull Score Index Falls to 20

Bitcoin's Bull Score Index has dropped to 20, a level the latest weekly on-chain research classifies as extremely bearish. The composite gauge blends ten on-chain and market indicators into a single 0 to 100 score of bullish versus bearish conditions, and it stood at 90 as recently as 13 October. A fall of 70 points in under four weeks leaves only two of the ten underlying inputs reading bullish, with the other eight flipped bearish at once. Readings this low have appeared only a handful of times in the gauge's published history. The report was published on 10 November, with the Bitcoin (BTC) price near $73,696, roughly 15% below the local high of $87,400 set on 21 September and about 9% lower across the past 30 days. The research attributes the slide to several pressures arriving together rather than a single trigger: profit-taking after September's rally, uncertainty over Federal Reserve policy, security problems across the industry, including the $49 million Mercado Bitcoin hack, and the outcome of the United States midterm elections. Liquidity has contracted in step with price. The capitalization of the stablecoin USDT has fallen by $6.6 billion over the past 60 days, thinning the pool of funds that market makers would normally cycle through trading venues. The report notes that none of these forces is new in isolation; what sets this phase apart is their overlap, which has pushed sentiment indicators to extremes across the board rather than one at a time. The index itself promises nothing directional. In previous cycles a reading of 20 has marked both durable bottoms and the midpoint of longer declines, so the current print measures how far sentiment has fallen, not whether selling is finished.

Apparent Demand Hits Minus 284,000 BTC

History gives the current print of 20 two very different precedents. In April 2025, the index bottomed at 20 amid the market turmoil over United States tariff policy, then recovered to 80 within roughly two months as price turned higher. Between December 2025 and March 2026, by contrast, the gauge sat between 0 and 20 for an extended period while price kept falling across the Bitcoin (BTC) market, a reminder that extreme bearishness describes conditions rather than a floor. The report therefore pairs sentiment with a second gauge, apparent demand, which measures how much of the newly issued supply from crypto mining and returning coins buyers are actually absorbing. As of 7 November, the 30-day figure stood at minus 284,000 BTC, the deepest contraction since March 2025. Two earlier episodes reached similar extremes, minus 309,000 BTC in March 2025 and minus 273,000 BTC in June 2026, and in both cases demand recovered within a few weeks and price followed higher inside about two months. The difference this time sits with buyers in the United States. The Coinbase Premium Index, which tracks buying pressure on the US Crypto Exchange relative to other venues, has closed negative on every one of the past 30 days and averages minus 0.14%. At the March 2025 and June 2026 bottoms, US spot demand led the recovery; that leading signal has not appeared yet. The report sets three confirmation conditions for a bottom: the contraction in apparent demand stopping, the premium turning positive, and the Bull Score Index recovering above 40. Its base scenario sees a floor forming between $70,000 and $76,000 in the coming weeks, though the report states plainly that a bottom is not confirmed.

Bitcoin (BTC) trades at $73,696 at the time of writing, down 2.1% over 24 hours, and our composite support and resistance levels put the strongest floor at $72,849.93, scored 100 out of 100, with the primary ceiling at $78,034.12 scored 94 out of 100. The market has hovered in this band since our earlier note on trading near $73,600. The Crypto Fear and Greed Index reads 32 out of 100, in fear territory, consistent with a market waiting for buyers to return. A sustained move through $78,034 would suggest demand is coming back; a break below $72,849 would keep the report's deeper scenario in play. Until the Bull Score Index climbs back toward 40 and the premium flips positive, the standing reading of 20 remains the number that matters.