Bitcoin Still in Bear Market Despite Price Surge, Says Bull Score Index as BlackRock Buys $1.28B

Core Insights - Bitcoin has reached its highest level in a month, trading at $70,597, reflecting a 4% increase over the past week, although it briefly surged above $72,000 during the rally [2][1] - Despite the price rebound, several indicators suggest that the rally may be fragile, with the Bull Score Index remaining low at 10 out of 100, indicating bear market conditions [3][4] - Institutional demand for Bitcoin is increasing, with BlackRock accumulating significant amounts, including a net inflow of 4,172 BTC worth approximately $303 million in a single day [6][7] Market Conditions - The Bull Score Index, which assesses on-chain and market indicators, suggests that the current market conditions are more consistent with a bear market rather than a bullish phase [3] - The low reading of the Bull Score Index indicates that the recent price increase may be a short-term relief rally rather than the beginning of a sustained bull run [4] Technical Indicators - The Aroon Up indicator is nearing 100%, signaling that Bitcoin has recently made a new high, which suggests strengthening momentum despite the overall bearish signals [4][5] Institutional Activity - BlackRock has been actively accumulating Bitcoin, with a total net inflow of about 21,814 BTC valued at approximately $1.58 billion since February 24 [6] - In addition to Bitcoin, BlackRock has also moved significant amounts of Ethereum to Coinbase Prime, indicating a strategic approach to institutional crypto investments [7]