Bitcoin rallies 37% but on-chain data signals a temporary rebound amid ongoing bear market

Bitcoin surged about 37% since early April, briefly surpassing $82,000, hitting a three-month high. However, CryptoQuant's on-chain analysis suggests this rally is a temporary bounce within a larger bear market, driven by profit-taking from short-term holders who are now in the green. Realized profits have increased significantly, and unrealized gains are at their highest since June 2025, indicating growing selling pressure. Investors should be cautious as further gains may trigger more selling, potentially leading to a short-term price reversal despite the recent strong performance.