•  Three On-chain Bitcoin Strong, Weak Ratings Indicators Are Still Down. 

1. CryptoQuant's Bull-Bear Market Cycle Indicator has been in a bearish phase since Aug. 27, when the price of Bitcoin was trading at $62K. As long as the indicator remains in a bearish phase, an upward rally looks difficult.

2. The MVRV ratio has been below its 365-day moving average since Aug. 26. It's a sign that there's a risk of additional price adjustments if you cross the 365-day moving average downward. This situation was also seen in May 2021, when Bitcoin fell 36% over the course of two months, and in November 2021, when the last bear market began.

3. Even if long-term Bitcoin holders (LTHs) realize lower returns, signs of weakness are evident. Long-term holders SOPR ribbons (movement averages of various lengths) have been trending downward since late July. Long-term holders realize returns with lower returns is proof of a lack of new demand for Bitcoin.