Analyst firm CryptoQuant noted how its Bull Score Index remains in bearish territory despite Bitcoin’s recent price rally.
The Bitcoin Bull Score Index is now worth just 10
In a new post on X, chain analytics company CryptoQuant discussed the recent Bull Score Index trend for Bitcoin. This metric mainly contains information about the phase of the cycle that BTC is currently in.
The indicator uses some of the most common chain metrics to calculate its value. The list of indicators covered by the Bull Score Index include MVRV Z-Score, CryptoQuant P&L Index and Stablecoin Liquidity. In total, the metric calculates the data of ten indicators, the value of which represents the number of them that are currently giving a high signal for the BTC network. For example, the Bull Score Index, which has a value of 40, means four high indicators.
Now, here’s a chart shared by the analytics firm that shows how the Bitcoin Bull Score Index has changed over the past year and a half:
Looks like the value of the index has been low in recent months | Source: CryptoQuant on X
As shown in the chart above, the October 2025 Bitcoin Bull Score Index saw a rise above the 60 level as BTC price reached a new all-time high (ATH). This indicates that most of the indicators are giving a green signal.
The market collapse that followed the rally in prices caused the Bull Score Index to drop back into the sub-40 zone, which is consistent with bearish conditions for the sector. At the end of November, the bearish signal became so strong that the index fell to zero.
Since then, there has been no significant improvement in the indicator, with its value constantly remaining at 20 or below. This has not changed since the recent rally above the $70,000 level, as the index is still at the 10 mark, which means that only one metric is currently giving a bullish signal.
“Bitcoin is still in a bear market despite the recent rally,” CryptoQuant said. “The current move is likely just a rallying rally, not the start of a new bull phase.” It remains to be seen how long the Bull Score Index will remain within the bearish zone.
In some other news, the Bitcoin network has seen its user base hit a new high recently, as blockchain analytics firm Santiment highlighted in an X post.
How the total number of holders on the BTC network has changed over the last few months | Source: Santiment on X
From the chart above, it can be seen that empty addresses on the Bitcoin network have increased by 3% in the last six months, reaching a total of 58.45 million new ATH.
BTC price
Bitcoin rose to $74,000 on Wednesday, but the upward momentum has since cooled as the asset has retreated to $70,500.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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