Bitcoin’s recent rebound is drawing attention for stabilizing signs, but the recovery is still not confirmed. Analysts are watching on-chain metrics like the MVRV Z-Score, which now sits at 0.24. That is close to the green zone where past bear-market lows have formed, and it comes as bitcoin recently tested its 200-week moving average, a level many traders watch as a historical floor during deep drawdowns. So some of the longer-term ingredients associated with a cycle low are starting to appear.
But that does not mean the market has already regained strength. In the short term, bitcoin’s rebound followed a washout in positioning, with short-covering and dip-buying helping lift price after the sell-off. That is an important distinction. A rebound driven by positioning can help stabilize the market, but it is not the same thing as a fully confirmed recovery. For now, the picture remains mixed: longer-term bottom signals are improving, while the recent move still looks more like stabilization than a decisive turn.