Bitcoin Climbs Back Above $70K — But Hidden Bear Signals Suggest the Rally May Not Last

Bitcoin has surged to its highest level in a month, giving the crypto market a moment of optimism after weeks of turbulence. Yet beneath the rebound, a mix of conflicting signals is leaving traders divided over whether the rally marks the start of a recovery — or just another temporary bounce in a broader downturn.

At the time of writing, Bitcoin (BTC) is trading around $70,597, gaining roughly 4% over the past week after briefly pushing past $72,000 during the latest upswing. The move has revived bullish sentiment across the market, but several indicators suggest caution may still be warranted.

Despite the recent price strength, deeper market data paints a less optimistic picture.

According to analytics referenced by Coin Bureau, the Bull Score Index currently sits at just 10 out of 100, a reading typically associated with bear market conditions. The index evaluates a wide range of on-chain data and market indicators to determine whether the crypto market environment favors bulls or bears.

A score this low suggests that Bitcoin’s latest rebound could be a relief rally rather than the beginning of a full-scale bull run.

In other words, the market may be experiencing a temporary surge in optimism while the broader structural trend remains weak.

While macro indicators remain cautious, technical signals are starting to turn positive.

Data cited by CCN analyst Abiodun Oladokun shows that the Aroon Up indicator — a metric used to track trend strength — is approaching 100%.

When this indicator reaches such levels, it means the asset has recently set a new high within the measured timeframe, suggesting that buying momentum is strengthening.

“When the Aroon Up line nears 100%, it indicates the asset has recently made a new high and signals a strong upward trend,” Oladokun explained.

If the trend continues, Bitcoin may gain enough momentum to challenge key resistance levels in the coming sessions.

Even as analysts debate the market’s direction, institutional investors continue accumulating Bitcoin, adding another layer of complexity to the outlook.

Blockchain analytics firm Lookonchain recently reported that asset management giant BlackRock recorded a single-day net inflow of 4,172 BTC, worth approximately $303 million.

Since Feb. 24, BlackRock’s total inflows have climbed to 21,814 BTC, valued at roughly $1.58 billion.

These purchases highlight ongoing institutional interest despite the market’s uncertain trajectory.

Earlier in February, BlackRock also moved large amounts of cryptocurrency to Coinbase Prime, the exchange’s institutional trading platform. On Feb. 9, the firm transferred:

The combined value of those transfers was approximately $247.7 million.

Additional on-chain data later revealed another deposit of 3,402 BTC and 30,216 ETH into Coinbase Prime.

While such transfers do not necessarily signal selling pressure, they may indicate liquidity preparation or strategic positioning by institutional players.

Despite lingering bearish indicators, some industry leaders believe the market may already be nearing a turning point.

Asset management firm VanEck recently suggested that Bitcoin could be approaching a market bottom after months of volatility and price corrections.

Speaking on CNBC, VanEck CEO Jan van Eck pointed to Bitcoin’s historical four-year market cycle, noting that the fourth year often brings significant downturns following several years of strong gains.

“Bitcoin goes up three years in a row, then goes down pretty massively in that fourth year,” van Eck said.

However, he believes recent market activity may signal that the worst of the decline could be ending.

“I think we’re making a bottom and this is a very nice sign of life,” he added.

For traders watching the charts, several price levels could determine Bitcoin’s short-term direction.

According to Oladokun, if bullish momentum continues, Bitcoin could break resistance near $73,843. A successful breakout there might open the door for a move toward $78,125.

However, the rally remains vulnerable.

If traders begin locking in profits or demand slows, Bitcoin could slip back toward support around $70,612, which sits close to its current price.

A break below that level could trigger a deeper decline toward $68,555, potentially reinforcing the bearish signals still visible in broader market indicators.

Bitcoin’s latest rebound reflects the complex forces shaping today’s crypto market.

On one side, growing institutional demand and improving technical momentum are fueling hopes of a recovery. On the other, weak broader indicators and lingering macro uncertainty suggest the market may not be out of the woods just yet.

For now, Bitcoin’s climb above $70,000 offers a sign of resilience.

But whether this move evolves into the next major rally — or fades into another correction — will likely depend on whether buyers can maintain momentum in the days ahead.