That shift helped carry Bitcoin<\/a> to a one-month high of $74,000 on Thursday, briefly touching the 50-day exponential moving average. It didn\u2019t last.<\/p>\n By Friday morning, the price had dropped more than $3,000, sliding back below $71,000 as momentum faded almost as fast as it built.<\/p>\n The rally came alongside a wave of ETF inflows and what Nick Ruck, director of LVRG Research, called \u201crenewed risk appetite.\u201d But even as buyers stepped in, the broader conditions hadn\u2019t changed.<\/p>\n Ruck said that the advance \u201cquickly faced headwinds,\u201d with macro uncertainty and softer economic signals pulling the market back down.<\/p>\n Bitcoin is still in a bear market despite the recent rally.<\/p>\n Our Bull Score Index remains at 10\/100, deep in bearish territory.<\/p>\n The current move is likely just a relief rally, not the start of a new bull phase. pic.twitter.com\/bh4O6jQPD6<\/a><\/p>\n \u2014 CryptoQuant.com (@cryptoquant_com) March 5, 2026<\/a><\/p>\n<\/blockquote>\n CryptoQuant\u2019s Bull Score Index \u2014 a composite reading of Bitcoin\u2019s technical and fundamental health \u2014 sits at just 10 out of 100. That places it, by the firm\u2019s own assessment, deep in negative territory.<\/p>\n Reports from the firm say the number hasn\u2019t moved despite the recent price action. \u201cEven after the recent price rally, fundamental and technical indicators still point to a bear market environment,\u201d CryptoQuant<\/a> stated Thursday.<\/p>\n The firm was blunt about what the brief climb likely represents: a short-term release of pressure, not a turning point.<\/p>\n Unrealized losses among traders and long-term holders had reached levels last seen in July 2022 before the recent easing. That kind of exhaustion can slow a slide without reversing it.<\/p>\n One signal pointing to easing pressure emerged Friday, when analysts said market momentum appears to be approaching a \u201ccritical shift.\u201d<\/p>\n According to their assessment, Bitcoin may be moving out of a phase marked by peak negative momentum \u2014 a stage that has often preceded broader changes in market direction. What follows that shift, and how quickly it unfolds, remains uncertain.<\/p>\n Macro Headwinds Keep A Lid On Any Optimism<\/p>\n February nonfarm payrolls data, expected to show a slowdown, loomed as an added weight on sentiment. Analysts pointed to those \u201csofter macro signals\u201d as a reason cryptocurrencies remain open to fresh downside.<\/p>\n Liquidity conditions had been supportive enough to spark the relief move, but not strong enough to sustain it.<\/p>\n\n
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<\/p>\nBear Market Indicators Remain At Historic Lows<\/h2>\n
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