Bitcoin Bull Score hits six-month high, reversal cautions

On April 22, onchain analytics firm CryptoQuant reported Bitcoin’s Bull Score Index climbed to its highest level since October 2025 and entered the neutral band near 50 as Bitcoin climbed above $78,000. The Crypto Fear & Greed Index moved to 32.

CryptoQuant’s Bull Score Index combines nine price-based indicators to measure market momentum. The index had remained in bearish territory through the current downturn; the latest reading is the first time it has reached neutral in this cycle.

CryptoQuant contributor Julio Moreno posted on X that it is the “first time in this bear market that the Bull Score Index enters neutral zone (50).” Moreno pointed to March 2022, when the Bull Score briefly reached neutral for about a week before prices resumed a decline.

Another CryptoQuant contributor, Arab Chain, described the recent reading as a balance between supply and demand. Arab Chain wrote, “The current BSI reading shows that the market sentiment is still far from the area of strong optimism (above 60), which typically indicates strong bullish conditions, while also remaining above the zone of extreme pessimism (clearly below 40).” Arab Chain added the level “places the market in a transitional phase, as investors await new catalysts to determine the next direction.”

The Crypto Fear & Greed Index, which combines several market factors to gauge investor mood, rose to 32 from 23 the prior week, moving out of the “extreme fear” band into the “fear” range. The reading is the highest since mid-January and nearly triple the level of a week earlier.

Traders and analysts are monitoring index readings and the April monthly close as BTC/USD tests a potential breakout from a multi-month trading range.