📊 CryptoQuant: "Bull Market Rally in a Bear Market" RECENT BITCOIN RECOVERY IS MORE OF A "BEAR MARKET RALLY" RATHER THAN A SUSTAINABLE REVERSAL According to a new analysis from CryptoQuant, Bitcoin's approximately 21% increase since November 21 is likely just a rebound within the downtrend, not enough to confirm a return to a bull market. CryptoQuant noted that Bitcoin previously dropped ~19% and broke below the 365-day moving average (MA 365)—a level they consider the boundary between bull and bear markets. When the price falls below this level, a bear market is confirmed. Currently, Bitcoin is approaching the 365-day MA (around $101,000) but has not yet managed to break above it, mirroring the 2022 scenario: a strong rebound, failure at long-term resistance, followed by further declines. 🔍 Market demand remains weak: 🔹 Some indicators suggest short-term improvement in U.S. demand, such as a temporary positive Coinbase Premium, but these gains are not sustained. 🔹 U.S. Bitcoin spot ETFs have slowed their selling pace, but strong accumulation has not yet occurred. As of early 2026, ETFs recorded only about 3,800 BTC inflows, significantly lower than in previous bull market rebounds. 🔹 On-chain data shows that spot demand has declined by a net ~67,000 BTC over the past 30 days and remains negative since late November 2025.