CryptoQuant Bitcoin cycle indicator flips green

CryptoQuant, a blockchain analytics firm, recorded a green reading on its Bitcoin Bull-Bear Market Cycle Indicator on May 12, 2026. The reading is the first green signal from the measure since March 2023 and follows a roughly 35% climb in Bitcoin’s price from a February low near $60,000.

The indicator is produced from CryptoQuant’s P&L Index and is compared to its 365-day moving average. When the index sits above that average, the cycle metric registers as green; when it sits below, it reads as red. The current green reading reflects recent net realized gains across traders and investors relative to the prior 12-month trend.

Bitcoin’s price recovery began after the February dip near $60,000. Since that low the market has advanced about 35%, but Bitcoin has not closed above the $80,000 to $82,000 zone that analysts identify as a near-term resistance band.

CryptoQuant’s cycle indicator has given mixed signals in the past. A previous green phase preceded a 17-month rally that ended with an all-time high close to $108,000 in October 2025. By contrast, a green reading in March 2022 did not lead to a sustained bull phase amid broader macroeconomic pressure.

The firm and market observers monitor the indicator alongside price action and macroeconomic data to assess market regime shifts. The May 12 green reading records a technical change in CryptoQuant’s metric; it states the recent pattern of realized profits relative to the one-year trend but does not by itself determine how long the current price movement will continue.