PANews reported on April 23 that, according to CoinDesk, CryptoQuant's Bitcoin Bull Score Index has risen back to the neutral level of 50 for the first time since Bitcoin's fall from its high of $126,000, signaling a potential shift from a bear market to neutral. The index, which combines ten indicators, currently shows a roughly equal split between bullish and bearish signals. Julio Moreno, Head of Research at CryptoQuant, noted that this is the first time the index has entered neutral territory during this bear market. However, history serves as a warning: the index also rose to 50 in March 2022, after which Bitcoin's price halved from approximately $48,000 to below $20,000. QCP Capital stated that the current derivatives market is still positioned towards range-bound trading rather than sustained breakouts, with low front-end volatility and a skew still favoring bearish protection.