Bitcoin Price Rebound May Not Signal New Bull Market

CryptoQuant's analysis has shed light on the current state of the Bitcoin market. Despite the recent price recovery, fundamental conditions remain weak, suggesting that the bearish trend is still intact.

The firm notes that selling pressure has eased significantly in recent weeks, with a contraction in Bitcoin's apparent spot demand narrowing sharply. This suggests that the heavy selling seen earlier this year has started to subside, and demand from U.S. investors has strengthened.

However, CryptoQuant's Bitcoin Bull Score Index remains very low, indicating that fundamental conditions typically associated with a new bull market have not yet returned. If Bitcoin continues to rise, analysts expect key resistance levels to emerge around $79,000 and $90,000.