Bitcoin (BTC) value metrics are exhibiting aid this month, however the threat of repeating the 2022 bear market stays.
Key factors:
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Bitcoin’s Bull Rating Index mixed value metric reaches its highest ranges since October final yr.
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The aid could also be short-lived, evaluation warns, pointing to the 2022 bear market.
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Crypto sentiment reaches its most bullish since January, per the Crypto Concern & Greed Index.
Bitcoin Bull Rating Index ditches “bearish” zone
New information from onchain analytics platform CryptoQuant place the highlight on the Bitcoin Bull Rating Index (BSI).
Bitcoin has lastly entered “impartial” territory with its push to $78,000, the newest BSI information confirms, with the Index climbing to its highest since October 2025.
BSI incorporates 9 value metrics to present an total impression of efficiency. For the reason that bear market started, it has been sharply bearish — simply as within the early levels of the earlier bear market 4 years in the past.
“First time on this bear market that the Bull Rating Index enters impartial zone (50),” CryptoQuant contributor Julio Moreno famous in an X publish on Wednesday.
Moreno cautioned that regardless of the strain being off for now, BSI additionally had a quick cooling-off interval earlier than the 2022 bear market continued.
“In March 2022, the Bull Rating entered impartial territory for a couple of week, after which the worth resumed its decline,” he added.
Ought to historical past repeat, consideration will likely be on the Index’s efficiency into the April month-to-month shut, as BTC/USD makes an attempt to interrupt out of a multi-month vary.
Analyzing BSI readings final week, with value round $74,000, CryptoQuant contributor Arab Chain described a “stability between provide and demand forces.”
“Then again, the present BSI studying reveals that the market remains to be removed from the world of robust optimism (above 60), which usually signifies robust bullish circumstances, whereas additionally remaining above the zone of utmost pessimism (clearly beneath 40),” they wrote in a “QuickTake” weblog publish.
“This locations the market in a transitional section, as traders await new catalysts to find out the following course.”
Sentiment edges to most bullish since January
Different indicators of a broader market restoration come from crypto dealer sentiment.
Associated: BTC value due new highs: 5 issues to know in Bitcoin this week
🚨 UPDATE: Crypto Concern & Greed Index sits at 32 (Concern) right this moment, a notable restoration from Excessive Concern at 23 final week. pic.twitter.com/lmjfjh0Ui3
— Cointelegraph (@Cointelegraph) April 22, 2026
In line with the Crypto Concern & Greed Index, a basic lagging indicator that makes use of a basket of things to mirror the temper amongst traders, circumstances are at their least destructive since mid-January.
Concern & Greed measured 32/100 on Wednesday — nonetheless inside its “worry” zone whereas like BSI additionally approaching the “impartial” bracket.
The Index worth has almost tripled in a little bit over every week.
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