Bitcoin Bull Score Index Hits 6-Month High

The Bitcoin (BTC) market is warming up. Driven by a recent sharp price surge, key on-chain indicators are rebounding, leading to analysis that the market has entered a recovery path. CryptoQuant analysts noted that Bitcoin's short-term trend has turned bullish and the market is entering a recovery path.

According to crypto analytics firm CryptoQuant on the 16th (local time), the Bitcoin Bull Score Index (BSI) recently climbed to the 40-point level, its highest in approximately six months since October of last year. The BSI is an indicator that measures market buying pressure and bullish strength, with higher scores signifying stronger upward momentum for the market. Historically, the BSI peaked at around 80 in October of last year and fell to 10 in early March of this year, but it has recently shown a rebound trend.

Bitcoin dipped to the $65,000 level in late March but has shown resilience by recently retesting the $76,000 mark. Expectations are growing in the market that Bitcoin is accumulating energy to break through its previous all-time high. Sustaining key support levels is seen as a critical turning point for future recovery. Experts have identified $72,000 as Bitcoin's core support level, warning that failure to maintain this level carries the risk of downward pressure.