Bitcoin staged a brief relief rally above $74,000 on Thursday, but it has already petered out as analysts predict a persistent bear market will keep momentum subdued.\u00a0<\/p>\n
\u201cBitcoin is still in a bear market despite the recent rally,\u201d on-chain analytics company CryptoQuant said<\/a> on Thursday.<\/p>\n The platform\u2019s Bull Score Index, a composite indicator that measures the overall health of Bitcoin (BTC) using a combination of fundamental and technical metrics, remains at 10 out of 100, \u201cdeep in bearish territory,\u201d it said.<\/p>\n \u201cEven after the recent price rally, fundamental and technical indicators still point to a bear market environment,\u201d it stated.\u00a0<\/p>\n \u201cThe current move is likely just a relief rally, not the start of a new bull phase.\u201d<\/p><\/blockquote>\n Bitcoin briefly tapped a one-month high of $74,000 on Coinbase on Thursday, touching the 50-day exponential moving average, according to TradingView. However, it has already lost more than $3,000, falling back<\/a> below $71,000 during Friday morning trading.\u00a0<\/p>\n Nick Ruck, the director of LVRG Research, told Cointelegraph that the crypto market\u2019s recent relief rally came on \u201crenewed risk appetite and ETF inflows,\u201d but cautioned that the advance has \u201cquickly faced headwinds with prices pulling back toward $71,000 amid persistent macro uncertainties and fading momentum.\u201d<\/p>\n While the brief push provided a welcome relief rally amid supportive liquidity conditions, \u201congoing bear market dynamics reinforce caution as softer macro signals, like the anticipated slowdown in February nonfarm payrolls, keep cryptocurrencies vulnerable to renewed downside pressure,\u201d he said.<\/p>\n CryptoQuant said that a positive Coinbase Premium has signaled renewed US buying interest, driving the recent rally<\/a>.\u00a0<\/p>\n Related: <\/strong><\/em>Bitcoin slide slowing, but bear market still in play: Analysts<\/strong><\/em><\/a><\/p>\n Bitcoin spot demand from US-based investors also switched from contraction to growth, as seen by the Coinbase Bitcoin Premium \u201cswitching from deeply negative territory in early February to the most positive since October,\u201d they said.<\/p>\n Selling pressure from traders and long-term holders has also eased<\/a> after unrealized losses reached levels not seen since July 2022.<\/p>\n Meanwhile, analysts at SwissBlock observed<\/a> on Friday that \u201cmomentum is flashing a critical shift,\u201d adding \u201cWe\u2019re exiting peak negative momentum, the kind of transition that often precedes a regime change.\u201d\u00a0<\/p>\n Magazine: <\/strong><\/em>Would Bitcoin really be at $200K if not for Jane Street? Trade Secrets<\/strong><\/em><\/a><\/p>\n <\/template><\/div>\n Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>\n![\"bitcoins\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019cc1b5-9c79-71dc-8b8d-7688c24984d8.jpg\" "\\"bitcoins\\"")
Bitcoins Bitcoin still vulnerable to renewed downside pressure<\/h2>\n
![\"bitcoins\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019cc1b5-a06d-705a-bac0-bbf68bd3e7ad.jpg\" "\\"bitcoins\\"")
Bitcoins Bitcoin could see renewed buying interest<\/h2>\n