CryptoQuant: Bitcoin's rebound is more like a short-term "relief rally" than the start of a new bull market.

PANews reported on March 6th that, according to The Block, Julio Moreno, head of research at CryptoQuant, stated that Bitcoin's recent rally is more of a short-term "relief rally" driven by easing selling pressure, rather than the start of a new bullish cycle. He pointed out that although Bitcoin briefly rebounded above $73,000, on-chain data shows the market remains in a bear market environment, with its Bitcoin bullish rating index still at only 10 out of 100.

Moreno's analysis indicates that the contraction in spot demand has narrowed from approximately -136,000 BTC at the beginning of the year to approximately -25,000 BTC, suggesting that selling pressure has eased since early February. Meanwhile, the Coinbase Bitcoin Premium Index, which measures US trader buying, has turned from a "deep negative" value earlier in February to its "highest positive value" since October of last year, indicating that spot demand has shifted from contraction to growth. Trader unrealized losses recently reached their largest level since July 2022; historically, this level tends to reduce marginal selling. The pace of selling by long-term holders has also decreased from approximately 904,000 BTC in November of last year to approximately 276,000 BTC currently, the lowest since June 2025. Moreno points out that if Bitcoin continues to rise, the next key resistance levels may be around $79,000 and $90,000. The former corresponds to the lower bound of the trader on-chain realized price, historically acting as a resistance level in bear markets; the latter is the broader trader realized price, which suppressed a rebound in mid-January.