Bitcoin price stalls near $112k as CryptoQuant metrics diverge

Bitcoin steadied just below $112,000 on Tuesday, marking a pause after the all‑time high, while CryptoQuant’s on‑chain Bull Score reported two starkly different readings—down to 40 in April and up to 80 in the latest week—raising questions about the rally’s strength【1】【2】.

Diverging on‑chain sentiment

CryptoQuant’s Bull Score, a composite of market and network activity, fell from 50 to 40 in April, a range that historically precedes further downside in bear‑market regimes【1】. The firm interprets the drop as a shift toward bearish conditions despite the price rise. In contrast, the same provider’s latest weekly reading places the Bull Score at 80, a level that historically signals continued upward momentum when above 50【2】. The discrepancy reflects differing time frames—April’s monthly snapshot versus the most recent weekly data—highlighting the volatility of on‑chain sentiment.

Underlying drivers and potential headwinds

ETF purchases have injected $3.8 billion into Bitcoin since March 1, a key driver cited by market participants and identified as the “single biggest factor” behind the recent rally by Bitwise’s CIO【1】. Meanwhile, on‑chain demand grew by an estimated 229,000 BTC over the past 30 days, approaching the 279,000 BTC peak seen in December 2024【2】. However, whale accumulation slowed, with large‑holder balances rising only 2.8% in the last month—a pace that historically precedes a slowdown in large‑scale buying【2】. Trader unrealized profit margins also rose to 32%, edging toward the 40% threshold that often precedes price weakness【2】.

Price context

The $112,000 level sits just below the recent all‑time high and aligns with the upper band of the on‑chain Traders’ Realized Price, a historical ceiling in prior bull runs【2】. Should Bitcoin breach this barrier, $120,000 emerges as the next resistance, while a break below $108,000 could test recent support levels.

What to watch

• Bull Score trend – monitor whether the weekly Bull Score stays above 70 or reverts toward the 40‑range seen in April.
• ETF inflow milestones – watch for new ETF purchase data releases, especially any quarterly updates that could add or subtract billions of dollars.
• Whale accumulation rate – a shift above the 3% monthly increase may signal renewed large‑holder buying pressure.

The clash between CryptoQuant’s short‑term bullish reading and its longer‑term bearish warning underscores the uncertainty of Bitcoin’s next move; investors will be watching whether on‑chain metrics align with price action or diverge further.