Bitcoin's recent price surge is viewed as a short-term "relief rally" rather than the onset of a new bull market, according to Julio Moreno, head of research at CryptoQuant. Despite Bitcoin briefly surpassing $73,000, on-chain data suggests the market remains bearish, with a Bitcoin bullish rating index at just 10 out of 100. Moreno highlights that the contraction in spot demand has narrowed significantly, indicating eased selling pressure since early February. The Coinbase Bitcoin Premium Index, reflecting US trader activity, has shifted from negative to its highest positive value since October last year, suggesting a growth in spot demand. Additionally, trader unrealized losses have reached their highest since July 2022, typically reducing marginal selling. Long-term holder selling has decreased to 276,000 BTC, the lowest since June 2025. Moreno notes potential resistance levels at $79,000 and $90,000, which could challenge further price increases.