Bitcoin gauges turn brighter again

Bitcoin’s market backdrop has strengthened sharply, with a closely watched Bull Score Index climbing to its highest reading since October 2025 after several previously weak on-chain signals improved over roughly three days, according to market analytics platforms tracking network activity and investor behaviour. The shift has added momentum to a rebound that has pushed Bitcoin back towards the mid-$70,000 range, even as analysts warn that the move still falls short of the stronger readings that have historically marked full-blooded bull phases.

The change matters because the index is designed to capture Bitcoin’s overall market health through a blend of valuation, demand and market-structure indicators. Data circulated through CryptoQuant research channels showed the score recovering to about 40 after dropping as low as 10 in early March, a marked improvement from the deeply bearish conditions seen earlier this year. Historical comparisons suggest readings above 60 have tended to coincide with more durable upward trends, including the stretch that carried Bitcoin towards its October 2025 peak.

That rebound has unfolded against a market that remains well below its former highs. Reuters reported on April 14 that Bitcoin was trading near $74,591, down nearly 15% for the year and about 40% below the all-time high of $126,223 reached in October. Those figures underline the extent of the drawdown, but they also show why traders are treating even a partial turn in on-chain conditions as notable: after months of contraction, the market is starting to show signs of stabilisation rather than cascading lower.

Several forces appear to be working together. CryptoQuant material highlighted improving spot demand, while other on-chain commentary pointed to exchange outflows and stronger long-term holder conviction. One research note distributed via Binance Square, which republishes CryptoQuant Quicktake analysis, said long-term holder realised cap change had climbed above $50 billion on April 13 for the first time since June 2025, suggesting supply was rotating away from weaker hands. Another Quicktake item said all-exchange Bitcoin netflows were negative by more than 23,000 BTC over seven days, a pattern typically associated with accumulation rather than imminent selling.

The broader macro setting has also helped. Global markets have steadied as traders reassessed geopolitical risk around the U. S.-Iran confrontation, while oil eased and the dollar weakened. Reuters reported on April 16 that world stocks touched new highs as investors bet on a truce trade, with Bitcoin edging higher alongside other risk-sensitive assets. That easing in macro stress has not been the sole driver of Bitcoin’s move, but it has given the asset room to respond more clearly to internal market improvements that had previously been overshadowed by conflict-related volatility.

Institutional activity is adding another layer. Reuters reported that Goldman Sachs has filed for its first bitcoin ETF product, only days after Morgan Stanley launched its own spot bitcoin fund. Even in a choppy market, such moves signal that large financial groups still see demand for crypto exposure, particularly through regulated products aimed at mainstream investors. Investopedia also noted that spot Bitcoin ETF flows had turned positive for the year, with nearly $173 million in net inflows, giving the market a firmer footing than during earlier sell-offs.

Still, the bounce is not yet being treated as a clean declaration that a fresh bull market has begun. Glassnode’s February assessment showed Bitcoin in a 47% drawdown from its peak, with nearly 9.2 million BTC held at a loss, a weak accumulation trend score and a 90-day realised profit/loss ratio below 1.0. Those conditions are more consistent with a market searching for conviction than one already in a mature expansion phase. The current score improvement, in that reading, points more to recovery from deeply bearish territory than to the kind of broad-based strength that would settle the debate.