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Bitcoin staged a brief relief rally above $74,000 on Thursday, but it has already petered out as analysts predict a persistent bear market will keep momentum subdued. The platform’s Bull Score Index, a composite indicator that measures the overall health of Bitcoin using a combination of fundamental and technical metrics, remains at 10 out of 100, “deep in bearish territory,” it said.
“Even after the recent price rally, fundamental and technical indicators still point to a bear market environment,” it stated.CryptoQuant Nick Ruck, the director of LVRG Research, told Cointelegraph that the crypto market’s recent relief rally came on “renewed risk appetite and ETF inflows,” but cautioned that the advance has “quickly faced headwinds with prices pulling back toward $71,000 amid persistent macro uncertainties and fading momentum.” While the brief push provided a welcome relief rally amid supportive liquidity conditions, “ongoing bear market dynamics reinforce caution as softer macro signals, like the anticipated slowdown in February nonfarm payrolls, keep cryptocurrencies vulnerable to renewed downside pressure,” he said.Bitcoin spot demand from US-based investors also switched from contraction to growth, as seen by the Coinbase Bitcoin Premium “switching from deeply negative territory in early February to the most positive since October,” they said.on Friday that “momentum is flashing a critical shift,” adding “We’re exiting peak negative momentum, the kind of transition that often precedes a regime change.”Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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