Bitcoin’s Bull Score Index has risen back to 50, moving out of bearish territory and into what CryptoQuant’s Julio Moreno calls a neutral zone. In a post on X, Moreno noted: “This is the first time in this bear market that the Bull Score Index enters the neutral zone (50). In March 2022, the index entered neutral territory for about a week before the price resumed its decline.”
This comparison is key. Moreno isn’t presenting the move to 50 as confirmation of a lasting trend reversal. Instead, he points to a previous instance where conditions improved just enough to exit bearish territory, only for the market to decline again shortly after. The implication is clear: neutral is better than bearish, but it is not the same as bullish.
The CryptoQuant chart illustrates this shift. The index spent much of mid-2025 in stronger territory, frequently reading above 60 while Bitcoin traded in a higher range and surpassed $120,000. This backdrop changed sharply later in the year. As the price weakened into late 2025 and early 2026, the Bull Score Index also deteriorated, at times dropping toward the bottom of the scale as Bitcoin fell into the low $60,000s.
What’s notable now is the indicator’s recovery from those depressed levels. By April, the Bull Score had climbed back to around 50 as Bitcoin recovered toward the mid-$70,000 range. In other words, market conditions measured by CryptoQuant are no longer showing the same degree of weakness as earlier in the downturn. However, they have not yet entered the zone the chart labels as bullish, which begins at 60.
This places the signal in an important middle ground. A shift from bearish to neutral can indicate that selling pressure is easing and some underlying conditions are improving. It can also represent merely a pause within a broader downtrend. Moreno’s 2022 analogy suggests he sees this ambiguity as the key takeaway, rather than the headline value of 50 itself.
The Bull Score Index is one of CryptoQuant’s composite Bitcoin market gauges. Instead of tracking a single data point, it measures the share of bullish readings across 10 key indicators related to network activity, investor profitability, liquidity, and other fundamental and technical conditions. This is why the move to 50 is significant: within CryptoQuant’s framework, it suggests that roughly half of the indicators defining a bullish regime have turned constructive again, even though the market remains short of the 60-plus zone considered outright bullish.
At press time, BTC traded at $78,057.
Frequently Asked Questions
FAQs Bitcoin Bull Score Index Shifts to Neutral
Beginner Questions
What is the Bitcoin Bull Score Index
Its a metric that measures market sentiment and momentum for Bitcoin ranging from Bearish to Bullish A Neutral score suggests the market is in a balanced or transitional state
What does shifts to Neutral mean
It means the index has moved from a Bearish rating to a Neutral one for the first time during the current market downturn indicating a potential decrease in negative momentum
Is this good news for Bitcoin
It can be seen as a cautiously positive sign as it suggests the intense selling pressure may be easing However Neutral is not a guarantee of an immediate price surge it means the market is at a potential inflection point
Does this mean the bear market is over
Not necessarily A shift to Neutral is a signal of changing conditions but it doesnt confirm a new bull market Its an early indicator that the worst of the downtrend might be behind us but sustained bullish momentum is needed for confirmation
Intermediate Market Impact Questions
What typically causes this index to shift
The index algorithm likely factors in data like price trends trading volume volatility onchain activity and social sentiment A shift to Neutral suggests these metrics are no longer overwhelmingly negative
What usually happens after the index goes Neutral
Historically a move to Neutral can precede a period of consolidation or act as a stepping stone to a Bullish rating Its a phase where the market often builds a base before deciding its next major direction
Should I buy Bitcoin now because of this shift
This signal alone is not a buy recommendation Its one data point among many Always do your own research consider your risk tolerance and likely employ a strategy like dollarcost averaging rather than making a single large bet based on one indicator
How reliable is this index as a predictor
No single indicator is perfectly reliable The Bull Score Index is a useful tool for gauging sentiment but it should be used in conjunction with other technical and fundamental analysis Past performance does not guarantee future results
Advanced Strategic Questions
What are the key onchain or technical metrics supporting this Neutral shift
Look for stabilization