Bull Signal Returns After 6 Months…Is the Bitcoin Atmosphere Changing?

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Bitcoin (BTC)'s 'Bull Score Index' has hit a six-month high, but the market remains cautious about the possibility of further declines similar to 2022.

According to investment media FXStreet on April 22 (local time), on-chain analytics firm CryptoQuant stated that as Bitcoin rebounded to $78,000, the Bull Score Index rose to its highest level since October 2025 and entered the 'neutral zone (50)' for the first time.

This index is a key indicator that assesses market trends by synthesizing nine price-related data points, and it had remained in a strong bearish zone until recently. Julio Moreno, a CryptoQuant contributor, acknowledged that this rebound represents a meaningful change but warned that during the 2022 bear market, a similar entry into the neutral zone was followed by a short-term rebound and then a continued decline.

In reality, the current market is evaluated as being in a 'transitional phase,' neither experiencing a strong rally nor extreme pessimism. The Bull Score Index has not yet reached above 60, which is considered the optimistic zone, and at the same time, it has moved out of the extreme fear zone below 40, indicating a phase of supply-demand balance awaiting direction.

Investor sentiment is also showing signs of improvement. The Fear & Greed Index recorded 32, still in the 'fear' zone, but nearly tripled in a week, recovering to its most positive level since January. This suggests that the overall market preference for risk assets is gradually reviving.

Ultimately, the key variable for the market is whether this indicator will lead to further gains with the April monthly close. Analysts suggest that whether the current rebound is a signal of a trend reversal or merely another 'illusory rebound' depends on the further movement of the Bull Score Index and the emergence of new catalysts for upward movement.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*