Bitcoin's Bull Score Index, a key market sentiment gauge from CryptoQuant, has climbed to 50, moving out of outright bearish territory and into a neutral zone for the first time in the current bear market. In a post on X, CryptoQuant's Head of Research Julio Moreno noted the significance: "First time in this bear market that the Bull Score Index enters neutral zone (50). In March 2022, the Bull Score entered neutral territory for about a week, and then the price resumed its decline."
The index, which measures the share of bullish readings across 10 key indicators tied to network activity, investor profitability, liquidity, and other fundamental and technical conditions, spent much of mid-2025 in stronger territory with readings frequently above 60 while Bitcoin traded broadly in a higher range and pushed above $120,000. However, as price weakened into late 2025 and early 2026, the Bull Score Index deteriorated as well, at times dropping toward the bottom of the scale as Bitcoin sank into the low-$60,000s.
The current recovery in the indicator from those depressed readings is notable. By April 2026, the Bull Score had risen back to roughly 50 as Bitcoin recovered toward the mid-$70,000 range. At press time, BTC traded at $78,057. This suggests that roughly half of the indicators that define a bullish regime have turned constructive again, though the market remains short of the 60-plus zone CryptoQuant treats as outright bullish.
Concurrently, the broader cryptocurrency market has shown recovery, with Bitcoin rising approximately 2.2% in the last 24 hours to trade above $78,000. Ethereum increased by 2.7% during the same period, reaching $2,386. The overall cryptocurrency market saw an increase of approximately 2.3%.
Analysts attribute this rise to multiple factors: reduced geopolitical risks following US President Donald Trump's decision to extend the ceasefire with Iran, strong capital inflows into ETFs (approximately $1.8 billion net inflow into spot Bitcoin ETFs over the past three weeks), and a "short squeeze" effect as Bitcoin surpassed the $75,000 level. The Crypto Fear and Greed Index has responded accordingly, rising to 33 and moving out of the "extreme fear" zone.
Despite these positive developments, experts emphasize that for the current rise to turn into a sustained bull market, Bitcoin needs to hold in the $78,000–$83,000 range and see stronger liquidity and increased demand across the market.
