CryptoQuant’s Bitcoin Bull Score Index has ticked up to 30 — a modest recovery that pulls the gauge out of “extra bearish” territory but still leaves BTC firmly within a broader bearish regime.
What the Bull Score measures
The Bull Score aggregates signals from 10 on‑chain indicators to define the market’s phase. Each indicator contributes a bullish or bearish signal (so a score of 60 means six of the ten are bullish). The index includes metrics such as the MVRZ Z‑Score, Realized Price, and CryptoQuant’s P&L Index.
Recent movement
According to CryptoQuant head of research Julio Moreno, the Bull Score fell to zero after a sharp price drawdown — meaning all ten indicators went bearish — but has since recovered to 30. That reading corresponds to just three indicators turning green: exchange flows, stablecoin liquidity growth, and price momentum. Moreno cautioned that this improvement looks like a relief rally rather than a clear regime change: “We are still in a bear market, but in a relief rally.”
How much more is needed
The index’s “extra bearish” zone is defined at 20 and below, so the current uptick is enough to escape that extreme pessimism. The broader bearish cutoff sits at 40, meaning at least two more of the ten indicators must flip to bullish before the Bull Score would exit the normal bearish zone.
Additional on‑chain context
Glassnode’s recent analysis adds to the cautious tone: the 90‑day moving average of Bitcoin’s Realized Profit/Loss Ratio is now below 1, indicating losses are currently outpacing profits. Glassnode notes that historical breaks below the neutral (~1) level have typically persisted for six months or more before reclaiming it.
Price snapshot
Bitcoin has bounced back above $70,000 after briefly dipping below $66,000 over the weekend — a price recovery that aligns with the small improvement in on‑chain signals but, so far, not a wholesale shift out of bear market conditions.
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