‘Bear market rally’: CryptoQuant breaks down bitcoin’s recent price rebound

Onchain analytics firm CryptoQuant asserts that Bitcoin's recent 21% price rebound since November 21st resembles a 'bear market rally' rather than a sustainable recovery because underlying demand remains weak. A bear market rally is defined as a sharp price recovery within a broader downtrend that doesn't alter the market's bearish structure. CryptoQuant notes that Bitcoin fell below its 365-day moving average (near $101,000), confirming a bear market, and the current price action mirrors the 2022 pattern where a rally failed near this average before resuming decline. While some demand indicators, like the Bitcoin Coinbase Price Premium, showed brief positive movement, and U.S. spot ETF selling paused, CryptoQuant emphasizes this is not sustained accumulation; spot demand contracted by 67,000 Bitcoin in the last 30 days. Furthermore, increased exchange inflows following the rally suggest growing sell-side pressure, indicating that fundamental and technical indicators still point to a bear market environment.

(Source：The Block)