Recently, I saw a data analyst’s view that Bitcoin’s rebound from the lows and break above $73k doesn’t necessarily mean the bull market is back. They believe it’s more like a technical rebound within a bear market— the overall market structure hasn’t truly changed yet.

Looking closely at the data behind it is quite interesting. Spot demand has improved from negative 136k BTC at the start of the year to around negative 25k, with clear selling pressure being released. At the same time, US investors’ buying sentiment is also warming up, rising from the previous deep negative premium to a positive premium level. The rate at which long-term holders are selling has also slowed significantly—from over 900k BTC at the November peak to about 276k now.

However, these improvements are still not enough to confirm that a bull market has really arrived. Their bull market score index is currently only 10 out of 100, indicating that key indicators haven’t fully been met. If the price continues to rise, it may next face two resistance levels at $79k and $90k. In particular, the $90k level is the same spot where the rally last January—from $80k to $98k—was blocked.

Right now, the coin price is around $81,740, down 0.7% over the past 24 hours. It looks like we’ll need to observe for a while longer to determine whether this move is truly just a rebound or a genuine shift.