What next as bitcoin's (BTC) 'Bull Score Index' leaves bear territory?

Bitcoin's Bull Score Index, a composite metric analyzing ten on-chain indicators, has risen to 50, signaling a neutral territory for the first time since prices peaked above $126,000. This milestone suggests the bear market may have ended, with half of the index's indicators now bullish. However, historical data from March 2022 presents a warning: the index reached 50 then, but Bitcoin's price subsequently halved, indicating the bear market deepened. While the current neutral reading reflects genuine improvement in on-chain conditions beyond just price action, derivatives market positioning suggests a lack of conviction for a sustained breakout, pointing towards range-bound conditions.

(Source：CoinDesk)