An analysis said Bitcoin fundamental indicators are showing a recovery trend ahead of price action.

CoinPost, a blockchain outlet, reported on June 17 that crypto analytics firm Swissblock assessed that its Bitcoin fundamentals index has been improving since February, with higher lows.

The key is the gap between price and indicators. Bitcoin has been trading around $66,000 over the same period and has not escaped levels far below its January high near $95,000. Swissblock’s fundamentals index, by contrast, posted higher lows in February and April, and the same trend continued in June. Swissblock presented this as a “higher low” pattern.

Detailed indicators also pointed to a rebound. The liquidity score stands at 48 and the network growth score at 33. Both have recovered from February trough levels. That suggests funding conditions and network activity indicators are reviving even though prices have not clearly rebounded.

Swissblock viewed this as a structure that often appears late in bear markets. It said a pattern in which fundamentals improve first and price structure follows is a typical sign when a bear market heads toward a turn. It judged that the current widening divergence could also be part of that trend.

Its market interpretation was cautious. Swissblock said such stabilisation of fundamentals in a bear market often becomes the basis for building a medium-term bottom rather than a simple temporary rebound. It did not specify the timing or scale of any price recovery. That means it views this signal as a sign of structural change, not an immediate rally forecast.

Market participants should therefore focus on whether on-chain and liquidity-related trends are shifting before the price itself. Bitcoin is still moving sideways at levels below its peak, but if fundamentals continue to improve as Swissblock’s analysis suggests, there is a possibility that the price structure could also change. Still, what has been confirmed at this stage is the recovery in indicators, and further confirmation is needed before the timing of any actual price rebound, the outlet reported.