CryptoQuant: Bitcoin Enters New Bull Phase, $83K Key Level
Bitcoin has entered the early stages of a new bull market after a 24% rally pushed onchain and demand indicators into bullish territory, according to analytics firm CryptoQuant, as reported by Cointelegraph.
CryptoQuant’s Bull Score jumped to 80 from 30 over the past week, its highest level since October 2025, with eight of the index’s ten underlying indicators now flashing bullish. Bitcoin climbed above $80,000 during the rally, but CryptoQuant said a weekly close above its 365-day moving average, currently around $83,000, is needed to confirm the shift to a new bull market.
The move has been supported by accelerating spot demand, with spot and futures demand growing together for the first time since early October 2025, CryptoQuant said. LMAX Group market strategist Joel Kruger told Cointelegraph that the May 2026 high of $82,820 is the next important level, and a clear break above it would reinforce the view that a meaningful cycle low is in place, shifting attention toward $100,000 and the 2025 record high. At the time of writing, Bitcoin was trading around $79,000, according to CoinGecko data.
Despite the bullish signals, CryptoQuant cautioned that the rally may be overheated in the short term. Traders’ unrealized profit margins have climbed to 20.5%, the highest since June 2025. CryptoQuant noted Bitcoin fell about 30% after this metric reached 19% in early May, when BTC traded near $82,000.
Short-term holder whales realized about $1.2 billion in profits between August 20 and August 22, including a record $614 million on August 20, as Bitcoin traded near $78,000 to $79,000, the report said. Bitcoin exchange inflows also climbed to about 53,000 BTC, their highest since June, signaling more coins moving onto trading platforms where they could be sold.
Based on reporting by cointelegraph.com.
