Bitcoin Bull Score Holds Neutral 50 as Reserves Fall to 2.68M Near $78K

CryptoQuant’s Bitcoin Bull Score remains at neutral 50—the first sustained reading this bear market—coinciding with exchange reserves dropping to 2.683 million BTC from 3.0 million in 2025, tightening supply near $78,000. The index first hit 50 on April 22 amid a rebound from low-$60,000s, later confirmed on April 23 as the highest ~40 since October 2025, driven by whale accumulation but weak retail signals. Analysts warn of a 2022 precedent where neutral readings preceded crashes, favoring choppy consolidation over breakouts unless scores exceed 60.