BTC rally likely a temporary rebound in bear market, says analyst

Bitcoin's recent price increase is more akin to a temporary rebound within a bear market, according to an analysis by CryptoQuant senior analyst Julio Moreno, The Block reported. Moreno attributed the recent rebound to improved spot demand, increased interest from U.S. investors, and easing selling pressure from traders and long-term holders. However, he noted that market conditions and technical indicators still point to weakness. Moreno highlighted that CryptoQuant's Bitcoin Bull Score Index is currently at 10 out of 100, which suggests that technical indicators have not yet recovered. He added that if Bitcoin's upward trend continues, the next major resistance zone is likely to be between $79,000 and $90,000. The $79,000 level corresponds to the lower band of traders' on-chain realized price, while $90,000 represents the overall realized price low for traders. Moreno also pointed out that this range acted as a strong resistance level during the rally in January.