CryptoQuant: Bitcoin in early bull phase; $83K weekly close needed
CryptoQuant says Bitcoin is in an early bull phase after a 24% rally that lifted its Bull Score to 80; a weekly close above the 365-day moving average near $83,000 would confirm a sustained bull market.
CryptoQuant reported that Bitcoin has entered the early stages of a new bull phase after a 24% price rise pushed its Bull Score from 30 to 80. The firm said a weekly close above the 365-day moving average, currently near $83,000, is required to confirm a sustained bull market.
The analytics firm said eight of the Bull Score’s 10 underlying indicators are now bullish. Bitcoin topped $80,000 during the recent rally, and at the time of the report the price was around $79,000. CryptoQuant added that spot demand has accelerated and that spot and futures demand are expanding together for the first time since early October 2025.
LMAX Group market strategist Joel Kruger highlighted the May 2026 high at $82,820 as the next technical level to watch and commented: “A clear break above that level would reinforce the view that a meaningful cycle low is now in place and shift attention towards the next major move through $100,000 and, ultimately, the 2025 record high.”
CryptoQuant warned the rally shows signs of short-term overheating. The firm reported unrealized trader profit margins at 20.5%, the highest since June 2025, and noted that Bitcoin fell about 30% after the metric reached 19% in early May. The report said short-term holder whales realized roughly $1.2 billion in profits between Aug. 20 and Aug. 22, including a record $614 million on Aug. 20 when Bitcoin traded near $78,000–$79,000. At the same time, exchange inflows rose to about 53,000 BTC, the most since June.
The report linked the rally to rising inflows and broader demand and pointed to continued inflows into spot Bitcoin exchange-traded products over several days. CryptoQuant emphasized high realized profits and growing exchange deposits as factors to monitor for potential selling pressure.
CryptoQuant’s Bull Score aggregates 10 on-chain and demand indicators. The firm uses the 365-day moving average as its confirmation threshold for a sustained bull market. Market participants are focused on price action around the $82,500–$83,000 range, changes in exchange inflows and whale selling patterns as data to assess the market’s next direction.
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