The Bitcoin Combined Market Index (BCMI) has not yet entered the “typical overheating zone” above 0.75, according to CryptoQuant contributor Woominkyu.

“At the moment, the indicator remains below 0.5, signaling a critical moment for the market,” the researcher emphasized.

BCMI is based on the following metrics:

MVRV (30% weight in the combined index)
NUPL (25%)
SOPR (25%)
Fear and Greed Index (20%)

Values below 0.15 indicate panic and overselling, signaling potential long-term buying opportunities, while values above 0.75 reflect market greed, typically preceding cyclical peaks and corrections.

Woominkyu outlined two potential scenarios:

A buying opportunity before the market resumes its uptrend: “We are likely witnessing a healthy, normal correction within an ongoing bull market.”
A premature start of a bearish phase against historical trends: “An atypical end to the bull phase.”

“Pay close attention to clear directional signals from BCMI’s 7-day and 90-day moving averages,” the expert advised.

Another CryptoQuant contributor, nino, noted rising premiums on the Coinbase exchange, which may indicate “increased demand from U.S. investors and growing confidence on a global scale.”

Is the Coinbase Premium Signaling a Bullish Shift for Bitcoin?

“The Coinbase Premium Index appears to be trending toward positive territory… heightened demand from U.S. investors can bolster global market confidence.” – By @nino_trade

Full analysis ⤵️https://t.co/1sw0Qep5Hk pic.twitter.com/d2P6mzykLl
— CryptoQuant.com (@cryptoquant_com) March 26, 2025

She added that for a more comprehensive picture, it’s crucial to track other key metrics, such as trading volumes and various on-chain indicators.

Previously, CryptoQuant CEO Ki Young Ju confirmed the end of Bitcoin’s bull market.