[CryptoQuant: Bitcoin's rebound is temporary and not the start of a new bull market] According to a report by Jinse Finance, CryptoQuant stated that Bitcoin's rebound above $73,000 earlier on Thursday may seem encouraging, but on-chain data suggests that this is more likely a short-term 'relief rally' rather than the beginning of a new bull market. CryptoQuant's Head of Research, Julio Moreno, said in a report on Thursday: 'Although Bitcoin's price has recently rebounded, it is still in a bear market. Fundamental and technical indicators continue to point to a bearish environment. [...] Therefore, the current rebound is best interpreted as a rally within a bear market.' Moreno noted that Bitcoin's price has risen as the significant decline in spot demand has improved. The contraction in demand has narrowed from approximately -136,000 BTC at the beginning of 2026 to around -25,000 BTC, indicating that selling pressure has eased since early February. However, analysts stated that the overall market environment remains bearish. The company's Bitcoin Bull Market Index remains at 10 points (out of 100), indicating that the fundamentals and technical indicators typically associated with bull market cycles have not yet recovered.