Bitcoin Bull Score 'Neutral'...Whales Continue 'Accumulation'

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Bitcoin (BTC) has entered the neutral zone of the Bull Score Index for the first time since this downturn. Consequently, debate is heating up regarding the possibility of the market having found its bottom.

According to a Bloomberg report on April 22 (local time), Bitcoin's Bull Score Index recorded 50, moving away from a full bearish phase. Julio Moreno, Head of Research at crypto asset analysis platform CryptoQuant, explained that this rise in the index is the first such occurrence since the beginning of the bear market. As Bitcoin's price recovered to the $78,000 level, market indicators have also moved past the worst of the slump and into the neutral zone.

However, there is also considerable caution, with some arguing that it is too early to be certain that this index increase marks a full trend reversal. Moreno cited the case from March 2022, when the index also stayed in the neutral zone for about a week, but the price subsequently returned to a downtrend. This current neutral indicator could be a positive sign that selling pressure has eased, but it is also possible that it is just a temporary pause in a downtrend. Neutral is better than bearish, but it is not an indicator that guarantees a bullish trend.

The Bull Score Index is calculated by synthesizing 10 key indicators, including network activity, investor profitability, and liquidity. Reaching an index of 50 means that about half of the major conditions forming the market have turned in a constructive direction. In mid-2025, when Bitcoin hit a high of $126,000, this index surpassed 60, signaling a strong bullish trend. In contrast, earlier this year, when the price fell to the early $60,000s, the index plummeted to its bottom, reflecting an extreme bear market.

The market's attention is currently focused on whether the index can break through 60 and enter a clear bullish zone. For Bitcoin, currently trading around $78,057, to secure additional upward momentum, stabilization in the neutral zone is essential. As this is a period where buying and selling forces are evenly matched, the trend over the next week is expected to be a watershed moment in determining the short-term direction. Investors' strategies will likely diverge significantly depending on whether the indicator turns down from neutral again or surges into a bullish trend.

The virtual asset market hopes that this indicator recovery will be the prelude to the end of the painful bear market. Inflows of institutional funds and improvements in on-chain indicators support the recovery of Bitcoin's underlying strength. However, given past failures, advice to manage risk in preparation for unexpected volatility is prevalent. The market is now focused on whether Bitcoin can reclaim the $80,000 mark and move beyond neutrality to return to a true bull market.

*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.*