CryptoQuant: BTC sentiment revives but indicators still point to bear market

On-chain data platform CryptoQuant stated in a post on X that while investor sentiment in the Bitcoin market has recently become enthusiastic, multiple indicators still point to a bear market. The firm noted that BTC has rallied this year, approaching its 365-day moving average on the daily chart, a level that previously halted rallies during the 2022 bear market. CryptoQuant added that the current chart pattern resembles the 2022 cycle, when a bear market began after BTC broke below this moving average following a peak. The analysis also highlighted decreasing on-chain spot demand, largely unchanged ETF-driven fund inflows compared to the same period last year, and increased BTC inflows to major exchanges, which suggests rising selling pressure. Based on these factors, CryptoQuant concluded that the year-to-date rally is likely a rebound within a broader bear market.