Bitcoin rebound appears a ‘relief rally,’ not the start of a new bullish cycle, says CryptoQuant

According to Julio Moreno, head of research at CryptoQuant, Bitcoin's rebound above $73,000 is likely a short-term "relief rally" occurring within an ongoing bear market, as fundamental and technical indicators remain bearish. This rally is supported by improved spot demand contraction, which narrowed significantly, and strengthened demand from U.S. investors, evidenced by the Coinbase bitcoin premium reaching its most positive level since October. Furthermore, selling pressure from both traders and long-term holders has decreased. However, CryptoQuant's Bitcoin Bull Score Index remains low at 10 out of 100, signaling that conditions for a bullish cycle have not yet materialized. Moreno identified potential resistance levels near $79,000 and $90,000 if the price continues to climb.

(Source：The Block)