Bitcoin and Ether Pull Back as CryptoQuant Warns Rally Remains Within Bear-Market Structure

Bitcoin and Ether have entered a period of consolidation and decline after their previous rebound, raising questions about whether the gains can continue. On-chain analytics firm CryptoQuant said spot demand remains negative and crypto assets remain highly correlated with U.S. equities. That points to insufficient capital momentum and suggests conditions are not yet in place for a new bull-market cycle.

As of July 19, 2026, Bitcoin had retreated to around $70,600, while Ether was holding support near $2,055. CryptoQuant’s bull-market score stood at just 10. The firm warned that the recent price recovery had not changed the bear-market structure and was more likely a short-term rebound within a broader decline than the start of a new rally cycle.