Bitcoin Bull Score Index Turns Neutral For First Time This Bear Market
22 Apr 2026 · 13:00 UTC · NewsBTC RSS Feed · Original source
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Summary
Bitcoin's Bull Score Index, a composite measure from CryptoQuant tracking 10 indicators of network activity, investor profitability, and liquidity conditions, has reached 50 for the first time in the current bear market, entering neutral territory. CryptoQuant head of research Julio Moreno highlighted the milestone while cautioning that the index previously entered neutral in March 2022 before the price resumed its decline. The index measures the proportion of bullish indicators across fundamental and technical measures, with 50 representing neutral conditions and readings above 60 considered bullish. Bitcoin recovered from recent lows near $60,000 toward the mid-$70,000 range by April 2026, trading at $78,057 at publication. However, Moreno emphasizes caution: neutral is not bullish, and historical precedent suggests the signal may mark only a temporary pause rather than a durable trend reversal. Market conditions have improved relative to late 2025 and early 2026 weakness, but the index remains below the 60-plus threshold required for a bullish designation.
Why it matters
The Bull Score Index compositely measures 10 indicators spanning network activity, investor profitability, and liquidity. A 50 reading represents the midpoint between bearish and bullish regimes. The recovery reflects on-chain improvement—better liquidity, reduced investor losses—but faces countervailing forces. First, Moreno's explicit 2022 analogy signals this should not be read as trend confirmation; neutral conditions then deteriorated quickly. Second, remaining below 60 means a majority of component indicators remain non-bullish. Third, the article characterizes neutral as an awkward middle ground—technically preferable to bearish but far from a strong buy signal. Price strength from sub-$60k lows to $78k shows resilience but pales relative to mid-2025 highs. Short-term markets (minute/hour) show minimal impact as technical indicator discussions rarely drive immediate price action. Daily/weekly impacts depend on whether traders interpret this as sustained recovery onset or temporary relief bounce. Monthly outlook is most uncertain given cautionary framing and adverse historical precedent suggesting downside risk persists.
Expected impact
The Bull Score Index reaching neutral territory (50) signals that roughly half of CryptoQuant's composite indicators are now showing constructive conditions, representing modest improvement from late 2025/early 2026 weakness. However, the article emphasizes critical nuances: neutral is not bullish (which requires readings above 60), and the 2022 historical parallel shows similar neutral readings preceded renewed declines. The signal suggests easing selling pressure and improving underlying conditions, but the recovery remains incomplete and fragile. Bitcoin's $78,057 price reflects recovery from lows but lags mid-2025 highs above $120k. Trader sentiment likely remains cautiously optimistic in the near term, constrained by ambiguity and cautionary historical precedent limiting confidence in sustained reversal. Altcoins would follow Bitcoin's sentiment trajectory with higher volatility reflecting greater risk-sensitivity.