Bitcoin’s Sharp July Rebound Called a Bear-Market Rally as Bull Trend Remains Unconfirmed

Bitcoin’s recent sharp rebound from its lows to the $64,000 level has drawn intense attention across the cryptocurrency market. The move has put global investors on alert and become a key test of whether digital assets have bottomed and returned to an upward trajectory. Determining whether the advance marks the start of a genuine bull trend or merely reflects short-term speculative flows will directly shape investors’ asset-allocation and risk-management decisions.

Blockchain analytics firm CryptoQuant said in mid-July 2026 that Bitcoin’s recent climb to $64,000 was driven mainly by seasonal effects in July and amounted only to a “bear-market rally.” The firm warned that on-chain indicators, including its bull-market score index, remained weak, showing no improvement in buying appetite or capital-flow momentum. It said a bull trend had yet to be established and investors should guard against the risk of a subsequent correction.