The analytics firm said Bitcoin’s bounce from last week’s $57,700 low reclaimed $60,000 support, but its bull score index remains bearish despite improved demand and a less negative Coinbase premium index.
CryptoQuant said Bitcoin’s recovery from last week’s $57,700 low to around $63,000 should be viewed as a bear-market rally rather than a broader trend reversal. The firm said Bitcoin reclaimed the $60,000 support level as July seasonality, firmer demand and a less negative Coinbase premium index helped prices recover, but its bull score index remains in clearly bearish territory. Bitcoin’s 30-day total demand improved from a contraction of about 650,000 BTC in early June to near neutral, suggesting easing weakness without yet confirming a sustained bull phase.