Market analysts are divided on Bitcoin's outlook following the US Federal Reserve's interest rate hike. Analyst Crypto Dan suggests the bear market is ending, citing a sharp decline in unprofitable UTXO metrics, which historically aligns with previous market cycle transitions.
Conversely, analyst Darkfost reports that the Bull Score Index dropped from 80 to 30 within a week. This indicator, which tracks spot trading volumes, futures activity, and exchange flows, now signals a bearish trend as short-term holder profits shrink and risk premiums rise.
Data from Glassnode shows Bitcoin has fallen below the True Market Mean. If the price fails to reclaim this level, analysts warn of a potential pullback toward the $70,000 cost basis for short-term holders. Michaël van de Poppe notes resistance above $80,000.
Investor sentiment remains cautious, as evidenced by outflows from spot Bitcoin ETFs. According to SoSoValue, these products recorded net outflows of $450 million on September 15 and $295 million on September 16, prompting Coinbase Markets to monitor for further shifts.
