Bitcoin’s mood meter has shifted: CryptoQuant’s Bull Score Index has risen to 50, leaving outright bearish territory and entering what the firm calls a neutral zone.
CryptoQuant’s head of research, Julio Moreno, flagged the move on X, noting it’s the first time the index has hit neutral in this bear market. “First time in this bear market that the Bull Score Index enters neutral zone (50). In March 2022, the Bull Score entered neutral territory for about a week, and then the price resumed its decline,” he wrote — a cautionary comparison that underscores the ambiguity of the signal.
What the move means
Hitting 50 matters but doesn’t guarantee a market turnaround. Moreno’s March 2022 reference is a reminder that a short-lived escape from bearish readings can precede further downside. Neutral territory suggests selling pressure may be easing and some conditions are improving, but it’s not the same as a confirmed bullish regime — which CryptoQuant defines as readings above 60.
Context from the charts
CryptoQuant’s Bull Score spent much of mid-2025 in stronger territory, frequently above 60 while bitcoin traded higher and briefly pushed past $120,000. That strength faded later in 2025 and into early 2026, when the index weakened significantly as bitcoin slid into the low-$60,000s.
The recent bounce is notable: by April the Bull Score climbed back to roughly 50 as bitcoin recovered into the mid-$70,000 range, signaling that about half of the indicators CryptoQuant tracks have flipped constructive again. But the index remains short of the 60-plus zone the firm treats as outright bullish, leaving the signal squarely in an important — and uncertain — middle ground.
How the Bull Score is calculated
The Bull Score is a composite gauge that looks across 10 key indicators, including network activity, investor profitability, liquidity and other fundamental and technical metrics. A reading of 50 implies roughly half of those indicators are showing bullish conditions.
Price snapshot
At the time of reporting, BTC was trading at $78,057.
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