Bitcoin Rally Likely A Relief Bounce, Not New Bull Phase: CryptoQuant

On-chain analytics firm CryptoQuant has highlighted how its Bull Score Index is deep inside the bearish territory despite the latest Bitcoin price rally.

Bitcoin Bull Score Index Has A Value Of Just 10 Right Now

In a new post on X, on-chain analytics firm CryptoQuant has discussed the latest trend in the Bull Score Index for Bitcoin. This metric basically contains information about the phase of the cycle that BTC is currently inside.

The indicator makes use of some of the most popular on-chain metrics to calculate its value. The list of the indicators covered by the Bull Score Index include the likes of MVRV Z-Score, CryptoQuant P&L Index, and Stablecoin Liquidity. In total, the metric accounts for the data of ten indicators, with its value representing the number of these that are giving a bullish signal for the BTC network right now. For example, the Bull Score Index having a value of 40 implies four of the metrics are bullish.

Now, here is the chart shared by the analytics firm that shows how the Bitcoin Bull Score Index has fluctuated over the last year and a half:

As displayed in the above graph, the Bitcoin Bull Score Index saw a spike above the 60 level back in October 2025 as the BTC price rallied to a new all-time high (ATH). This suggests that the majority of the indicators were giving a green signal.

The market unwind that followed the price surge, however, caused the Bull Score Index to plummet back into the zone below 40, corresponding to bearish conditions in the sector. By late November, the bearish signal had become so strong that the index had dropped to a value of zero.

Since then, there hasn’t been any notable improvement in the indicator, with its value consistently remaining at or below 20. This hasn’t changed after the latest rally above the $70,000 level, either, as the index is still sitting at the 10 mark, implying only one metric is currently giving a bullish signal.

“Bitcoin is still in a bear market despite the recent rally,” noted CryptoQuant. “The current move is likely just a relief rally, not the start of a new bull phase.” It now remains to be seen how much longer the Bull Score Index will remain inside the bearish zone.

In some other news, the Bitcoin network has seen its userbase reach a new height recently, as on-chain analytics firm Santiment has highlighted in an X post.

From the above chart, it’s visible that non-empty addresses on the Bitcoin network have jumped 3% over the last six months, taking their total count to a new ATH of 58.45 million.

BTC Price

Bitcoin climbed toward $74,000 on Wednesday, but the bullish momentum has cooled off since then as the asset has returned to $70,500.