Bitcoin (BTC) worth metrics are exhibiting aid this month, however the danger of repeating the 2022 bear market stays.
Key factors:
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Bitcoin’s Bull Rating Index mixed worth metric reaches its highest ranges since October final 12 months.
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The aid could also be short-lived, evaluation warns, pointing to the 2022 bear market.
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Crypto sentiment reaches its most bullish since January, per the Crypto Concern & Greed Index.
Bitcoin Bull Rating Index ditches “bearish” zone
New knowledge from onchain analytics platform CryptoQuant place the highlight on the Bitcoin Bull Rating Index (BSI).
Bitcoin has lastly entered “impartial” territory with its push to $78,000, the most recent BSI knowledge confirms, with the Index climbing to its highest since October 2025.
BSI incorporates 9 worth metrics to offer an general impression of efficiency. Because the bear market started, it has been sharply bearish — simply as within the early levels of the earlier bear market 4 years in the past.
“First time on this bear market that the Bull Rating Index enters impartial zone (50),” CryptoQuant contributor Julio Moreno famous in an X submit on Wednesday.
Moreno cautioned that regardless of the strain being off for now, BSI additionally had a short cooling-off interval earlier than the 2022 bear market continued.
“In March 2022, the Bull Rating entered impartial territory for a couple of week, after which the worth resumed its decline,” he added.
Ought to historical past repeat, consideration might be on the Index’s efficiency into the April month-to-month shut, as BTC/USD makes an attempt to interrupt out of a multi-month vary.
Inspecting BSI readings final week, with worth round $74,000, CryptoQuant contributor Arab Chain described a “steadiness between provide and demand forces.”
“However, the present BSI studying exhibits that the market remains to be removed from the world of robust optimism (above 60), which usually signifies robust bullish circumstances, whereas additionally remaining above the zone of maximum pessimism (clearly under 40),” they wrote in a “QuickTake” weblog submit.
“This locations the market in a transitional part, as buyers await new catalysts to find out the following course.”
Sentiment edges to most bullish since January
Different indicators of a broader market restoration come from crypto dealer sentiment.
Associated: BTC worth due new highs: 5 issues to know in Bitcoin this week
🚨 UPDATE: Crypto Concern & Greed Index sits at 32 (Concern) in the present day, a notable restoration from Excessive Concern at 23 final week. pic.twitter.com/lmjfjh0Ui3
— Cointelegraph (@Cointelegraph) April 22, 2026
In accordance with the Crypto Concern & Greed Index, a traditional lagging indicator that makes use of a basket of things to replicate the temper amongst buyers, circumstances are at their least destructive since mid-January.
Concern & Greed measured 32/100 on Wednesday — nonetheless inside its “worry” zone whereas like BSI additionally approaching the “impartial” bracket.
The Index worth has almost tripled in a bit of over per week.
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