According to ME News, on April 17 (UTC+8), CryptoQuant analyst Woominkyu revealed that the Bitcoin Composite Market Index (BCMI) is testing a key historical pivot zone. The index has currently declined to the 0.2–0.3 range, indicating that Bitcoin is now in a historically significantly undervalued region. The BCMI comprises MVRV, NUPL, SOPR, and the Fear & Greed Index, with MVRV and NUPL accounting for 30% and 25% respectively. The current market correction has brought realized value and investor sentiment to their lowest levels since early 2023. Meanwhile, analysis notes that the downward trend continues, and confirmation of weakening selling pressure and price stabilization will require a flattening of its slope. (Source: MLion)
CryptoQuant Analyst: BTC BCMI Approaches High-Confidence Support Zone
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Summary
On April 17 (UTC+8), CryptoQuant analyst Woominkyu noted that Bitcoin’s BCMI is approaching a high-confidence support zone. The index has declined to the 0.2–0.3 range, indicating a historically undervalued level. Comprising MVRV, NUPL, SOPR, and the Fear & Greed Index, the BCMI suggests market confidence has returned to levels seen in early 2023. A flattening trend is needed to confirm reduced selling pressure and potential stabilization.
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