Key Takeaways
Bitcoin's Bull Score Index has entered neutral territory (50) for the first time in the current bear market, reaching its highest level since October 2025, per CryptoQuantCryptoQuant contributor Julio Moreno warns the relief may be temporary, noting that BSI briefly hit neutral in March 2022 before Bitcoin resumed its bear market declineThe Crypto Fear & Greed Index rose to 32 on Wednesday -- its least negative reading since mid-January -- nearly tripling in value in just over a weekAnalysts describe the market as being in a "transitional phase," with BSI still well below the 60+ threshold that typically signals strong bullish conditionsBitcoin is currently trading at $78,900, having briefly touched $79,000, as it attempts to break out of its multi-month $65,000–$75,000 range
Bitcoin's key price metrics are flashing their most constructive signals in six months, but analysts are urging caution, pointing to an eerily similar setup that preceded the continuation of the 2022 bear market.
The Bitcoin Bull Score Index, a composite of nine price metrics tracked by on-chain analytics platform CryptoQuant, has climbed to its highest level since October 2025, entering neutral territory at a reading of 50 for the first time in the current bear market cycle. The development coincides with Bitcoin's push above $78,000 and a broad recovery in crypto sentiment indicators.
A Six-Month High With a Historical Caveat
CryptoQuant contributor Julio Moreno highlighted the BSI milestone on X Wednesday but was quick to attach a historical warning. "First time in this bear market that the Bull Score Index enters neutral zone (50)," Moreno noted, before adding: "In March 2022, the Bull Score entered neutral territory for about a week, and then the price resumed its decline."
The parallel is significant. In early 2022, Bitcoin staged a relief rally that briefly pushed the BSI into neutral before the bear market reasserted itself, ultimately taking BTC from around $45,000 to a cycle low near $15,500. Whether the current neutral reading marks a genuine trend reversal or another temporary reprieve is the central question as Bitcoin approaches the April monthly close.
Market in a Transitional Phase
A separate CryptoQuant analysis from contributor Arab Chain, written when Bitcoin was trading around $74,000, described the BSI reading as reflecting "a balance between supply and demand forces" and positioned the market firmly in transition rather than recovery.
"The current BSI reading shows that the market is still far from the area of strong optimism above 60, which typically indicates strong bullish conditions, while also remaining above the zone of extreme pessimism clearly below 40," Arab Chain wrote. "This places the market in a transitional phase, as investors await new catalysts to determine the next direction."
A BSI reading above 60 would be required to signal the kind of sustained bullish momentum that characterized Bitcoin's strongest uptrends -- a threshold the index remains well short of.
Fear & Greed Index Nearly Triples in a Week
Broader sentiment data points in the same direction. The Crypto Fear & Greed Index registered 32 out of 100 on Wednesday, its least negative reading since mid-January and a sharp recovery from a reading of 23 -- deep in "extreme fear" territory -- just over a week ago. The index has nearly tripled in value across that period.
At 32, the index remains within its "fear" zone, mirroring the BSI's position just below neutral -- constructive relative to recent lows, but short of the readings that historically accompany durable bull market conditions.
The convergence of improving but still-cautious readings across both the BSI and Fear & Greed Index reinforces the transitional market narrative: enough recovery to bring momentum traders off the sidelines, but not enough to confirm that the bear market structure has been definitively broken.
Hui Xin
YouQuan
Brian
Joy