CryptoQuant, an on-chain data analytics firm, points out that Bitcoin's recent price rebound is more of a short-lived rally than a sustained recovery, as market demand remains weak. In a report on Friday, CryptoQuant stated: "Bitcoin has risen 21% since November 21st, which appears to be a bear market rally. Demand conditions have improved slightly but remain weak." A bear market rally refers to a sharp price increase within an overall downtrend, but it does not change the fundamental bear market structure. Research Director Julio Moreno stated that behind this Bitcoin rally, the continued contraction in demand persists. Bitcoin has risen approximately 21% since November 21st after previously falling about 19% and breaking below its 365-day moving average. CryptoQuant considers this moving average a key dividing line between bull and bear markets; once Bitcoin breaks below this moving average, a bear market is confirmed. Analysts point out that the current price movement is highly similar to that of 2022—when Bitcoin also rebounded strongly after falling below the 365-day moving average, only to be blocked near that level and resume its downward trend.