Bitcoin Rally Likely A Relief Bounce, Not New Bull Phase: CryptoQuant
On-chain analytics agency CryptoQuant has highlighted how its Bull Score Index is deep contained in the bearish territory regardless of the most recent Bitcoin value rally.
Bitcoin Bull Score Index Has A Value Of Just 10 Right Now
In a brand new post on X, on-chain analytics agency CryptoQuant has mentioned the most recent development within the Bull Score Index for Bitcoin. This metric principally comprises details about the part of the cycle that BTC is at the moment inside.
The indicator makes use of a number of the hottest on-chain metrics to calculate its worth. The listing of the indications lined by the Bull Score Index embody the likes of MVRV Z-Score, CryptoQuant P&L Index, and Stablecoin Liquidity. In whole, the metric accounts for the information of ten indicators, with its worth representing the variety of these which can be giving a bullish sign for the BTC community proper now. For instance, the Bull Score Index having a worth of 40 implies 4 of the metrics are bullish.
Now, right here is the chart shared by the analytics agency that exhibits how the Bitcoin Bull Score Index has fluctuated during the last 12 months and a half:
As displayed within the above graph, the Bitcoin Bull Score Index noticed a spike above the 60 stage again in October 2025 because the BTC value rallied to a brand new all-time high (ATH). This suggests that almost all of the indications have been giving a inexperienced sign.
The market unwind that adopted the value surge, nevertheless, triggered the Bull Score Index to plummet again into the zone beneath 40, comparable to bearish circumstances within the sector. By late November, the bearish sign had change into so robust that the index had dropped to a worth of zero.
Since then, there hasn’t been any notable enchancment within the indicator, with its worth constantly remaining at or beneath 20. This hasn’t modified after the most recent rally above the $70,000 stage, both, because the index remains to be sitting on the 10 mark, implying just one metric is at the moment giving a bullish sign.
“Bitcoin remains to be in a bear market regardless of the latest rally,” famous CryptoQuant. “The present transfer is probably going only a reduction rally, not the beginning of a brand new bull part.” It now stays to be seen how for much longer the Bull Score Index will stay contained in the bearish zone.
In another information, the Bitcoin community has seen its userbase attain a brand new top lately, as on-chain analytics agency Santiment has highlighted in an X post.
From the above chart, it’s seen that non-empty addresses on the Bitcoin community have jumped 3% during the last six months, taking their whole depend to a brand new ATH of 58.45 million.
BTC Price
Bitcoin climbed towards $74,000 on Wednesday, however the bullish momentum has cooled off since then because the asset has returned to $70,500.
