CryptoQuant’s Bull Score Index has climbed back to 50 — the first time in this bear market the gauge has left outright bearish territory and entered what the firm calls a neutral zone.
Julio Moreno, CryptoQuant’s head of research, flagged the move on X, noting: “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.” The comparison is instructive: a shift to neutral is an improvement, but not confirmation that the market has turned decisively bullish.
Why the update matters
- Neutral ≠ bullish: CryptoQuant labels readings of 60 and above as outright bullish. A reading of 50 means roughly half of the model’s indicators are showing constructive signals, but the index hasn’t reached the 60+ zone that would suggest a clear bullish regime.
- Historical context: The Bull Score spent much of mid-2025 in stronger territory, frequently above 60 while Bitcoin traded at higher levels and even pushed past $120,000. That backdrop deteriorated later in 2025 and into early 2026 as Bitcoin fell toward the low-$60,000s and the Bull Score slid toward the bottom of its range.
- Recent recovery: By April the indicator climbed back to about 50 as Bitcoin recovered into the mid-$70,000s. At press time BTC was trading around $78,057. The move signals that the market’s on‑chain and liquidity conditions are no longer as weak as they were at the worst of the downturn — but it’s not yet a clear bullish read.
What the Bull Score measures
The Bull Score is a composite of 10 underlying indicators covering network activity, investor profitability, liquidity and other fundamental and technical measures. Rather than tracking a single datapoint, it reports the share of those indicators that are currently “bullish,” so a score of 50 implies roughly half are constructive.
What traders should watch
Moreno’s March 2022 analogy underscores the ambiguity here: a move from bearish to neutral can mean selling pressure is easing — or it can be a temporary pause inside a larger downtrend. For a more confident market-turn signal, traders and analysts will likely want to see the Bull Score sustain a move above 60 alongside confirming price action and on-chain metrics.
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