Bitcoin’s push back above $73,000 definitely grabbed attention this week. At first glance, it looks like bulls might be stepping back in. But according to research from CryptoQuant, this move might not signal the start of a fresh bull run just yet.
Julio Moreno, head of research at CryptoQuant, believes the market is still technically in bear territory. The recent jump, he suggests, looks more like a classic relief rally — the kind that happens when selling pressure temporarily cools down. And honestly, the data backs that idea. Earlier this year, Bitcoin’s apparent demand dropped sharply, showing a deficit of around 136,000 BTC. Now that gap has narrowed significantly to roughly 25,000 BTC, meaning the intense selling pressure we saw earlier has eased quite a bit.
Another interesting signal is the Coinbase premium. Buying activity from U.S. traders has flipped from deeply negative earlier in February to its strongest positive level since October. That shift suggests demand is quietly returning. On top of that, both short-term traders and long-term holders have slowed their selling. In fact, long-term holder distribution has dropped to its lowest pace since mid-2025.
Here’s the big question though: is this just a pause before another drop… or the early stage of something bigger?
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