Bitcoin Bull Momentum Fades Despite Key On-Chain Gauge Nearing Peak

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Bitcoin's recent rally is showing early signs of losing steam, according to on-chain data from analytics firm CryptoQuant. A trend indicator tracked by the firm, referred to as a 'bull score' gauge, is approaching its maximum possible reading. Despite this near-perfect bullish signal, the buyers who pushed Bitcoin to an eight-month high are already beginning to retreat. The divergence between the indicator's peak reading and weakening buyer activity suggests the rally may be running out of fuel.

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