📊 CryptoQuant: “A Rally Within a Bear Market” BITCOIN’S RECENT REBOUND LOOKS MORE LIKE A BEAR MARKET RALLY THAN A SUSTAINABLE REVERSAL According to a new analysis from CryptoQuant, Bitcoin’s roughly 21% rise since November 21 is more likely a relief rally within a broader downtrend, rather than clear evidence that a new bull market has begun. CryptoQuant noted that Bitcoin previously fell about 19% and broke below the 365 day moving average (MA 365), a level they consider the dividing line between bull and bear markets. When price drops below this level, a bear market is confirmed. Bitcoin is now approaching the 365 day moving average again (around $101,000) but has not been able to break above it. This mirrors the 2022 pattern: a strong rebound, failure at long term resistance, followed by further downside. 🔍 Market demand remains weak: 🔹 Some indicators suggest a short term improvement in U.S. demand, such as the Coinbase Premium briefly turning positive, but it has not been sustained. 🔹 U.S. spot Bitcoin ETFs have slowed their selling, but there is still no sign of strong accumulation. In early 2026, ETFs recorded only about 3,800 BTC of inflows, far below levels seen during previous bull market recoveries. 🔹 On chain data shows net spot demand has declined by about 67,000 BTC over the past 30 days and has remained negative since late November 2025.