Despite the first cryptocurrency’s recent rise above $73,000, CryptoQuant experts are urging not to jump to conclusions about a trend change. The head of research, Julio Moreno, stated that fundamental and technical indicators still point to the persistence of the bear phase. According to him, the current price movement is only a short-term rebound, not the start of a stable rally.

Former BitMEX CEO Arthur Hayes also questioned the autonomy of the rising momentum. He noted the continued high correlation of the first cryptocurrency with US tech SaaS companies. Until this dependence is reduced, it is premature to expect a stable bull trend, warns Hayes, advising market participants to be patient.

There has been some recovery in the market, with demand shortfalls shrinking, Coinbase’s premium positive for the first time since October, and long-term holders sharply reducing sales.