CryptoQuant analyst calls recent BTC surge a bear market rally

Bitcoin's recent price surge is a bear market rally, according to a report by CryptoQuant senior analyst Julio Moreno. The Block reports that while Bitcoin has climbed over 20% since early April to a three-month high, the rally is a composite result of previous undervaluation, easing macroeconomic pressures, and a spike in demand for perpetual futures. The report added that Bitcoin holders are starting to take profits amid the uptrend, but a correction could still take some time to materialize.