Bitcoin Rebounds 10% From $57,700 Low to Near $63,000, But CryptoQuant Says Bull Case Still Weak

According to CryptoQuant, Bitcoin rebounded approximately 10% from last week's $57,700 bear market low to near $63,000 on July 10, recovering the key $60,000 support level, according to The Block. July seasonal factors and improved demand drove the rebound; historically, Bitcoin rallied roughly 20% in July 2018 and 17% in July 2022 during bear markets. Bitcoin's 30-day net demand recovered from a contraction of around 650,000 BTC in early June to near neutral levels, while the Coinbase premium index rebounded from deeply negative values to -0.062.

However, CryptoQuant's Bull Score Index currently stands at 20, well below the 60 level required to support sustained rallies, signaling the market remains in a bearish range. The firm views the recent rebound as a bear market recovery rather than a trend reversal.