Bitcoin has delivered notable gains in recent weeks, surging approximately 37% from early April levels and reaching a three-month peak of over $80,000 and briefly going above the $82,000 mark. However, on-chain analytics provider CryptoQuant maintains that this advance qualifies as a temporary rebound within a broader bear market, not the beginning of a new bullish phase. The firm’s assessment warns that investor selling to secure gains is gaining momentum and could pick up additional steam if prices hold steady or edge modestly higher.

Analysts at CryptoQuant highlight several on-chain indicators reflecting real participant behavior. Short-term holders have moved firmly into profitable territory.

Their Spent Output Profit Ratio…