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Bull returns, bear departs? Bitcoin signals have turned bullish since March 2025, entering an early bull market

According to CryptoQuant, since March 2023, CryptoQuant’s signals have placed Bitcoin in the early bull market zone for the first time. Its bull-bear market cycle indicator entered a bullish zone on May 12, and analysts believe this marks the end of bear-market behavior. The indicator is based on CryptoQuant’s profit-and-loss index, combining the MVRV ratio, NUPL, and the SOPR ratios of long-term holders versus short-term holders. Julio Moreno, head of research at CryptoQuant, said the shift “usually indicates that the worst phase of the correction has passed and that the market structure is starting to recover.” When the indicator flipped, Bitcoin’s trading price rose above $80,000, rebounding about 35% from February’s low of $60,000. In April, ETF inflows into spot Bitcoin products totaled $2.44 billion, the strongest monthly institutional cumulative performance since October 2025. To confirm that the signal is valid, Bitcoin must break through the $82,000 resistance level. Everyone is now waiting for the price to break above $82,500—once it truly holds above it, we can say out loud, “Bull’s back, speedily!”