CryptoQuant: Bitcoin's rebound is more like a short-term "relief rally" than the start of a new bull market.

CoinFeed reported on March 6th that, according to The Block, Julio Moreno, head of research at CryptoQuant, stated that Bitcoin's recent rally is more of a short-term "relief rally" driven by easing selling pressure, rather than the start of a new bullish cycle. He pointed out that although Bitcoin briefly rebounded above $73,000, on-chain data shows the market remains in a bear market environment, with its Bitcoin bullish rating index still only at 10 out of 100. Moreno analyzed that the contraction in spot demand has narrowed from approximately -136,000 BTC at the beginning of the year to approximately -25,000 BTC, indicating that selling pressure has eased since early February.