CryptoQuant reports that Bitcoin is in the beginning stages of a bull market. A 24% rise has pushed demand and key onchain indicators to bullish territory.
In the last week, the Bull Score of analytics firm jumped from 30 to 80. This is the highest it has been since October 2025.
Bitcoin (BTC), during this rally, climbed to above $80,00, however, CryptoQuant says that it is necessary to close the week above its current 365 day moving average of around $83,000 to confirm the transition to a new bear market.
CryptoQuant reported that this shift is being supported by a growing spot demand. For the first time in early October 2025 spot and futures are both increasing at a similar rate.
Joel Kruger, a market strategist at LMAX Group, also pointed out that the high level of 82,820 dollars in May 2026 is the next significant Bitcoin milestone.
“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,” Kruger told Cointelegraph.
According to CoinGecko, Bitcoin traded at around $79,000 as of the date this article was written. data.
Bitcoin Bull Score Index CryptoQuant report
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As Bitcoin rallies heat up, whales are taking profits.
CryptoQuant warns that despite bullish signals the rally might be too hot in the near term. It cites the increased profits made by traders, whales taking huge losses and an increase in Bitcoin deposits at exchanges.
Unrealized profits for traders have reached 20.5% – their highest level since June 2025. CryptoQuant reported that Bitcoin dropped about 30% in the first half of May after it reached 19%, at a time when BTC traded near $82,000.
The report states that short-term holder whales have made $1.2 billion of profits from Aug. 20 to Aug. 22. On Aug. 20, they earned a record 614 million dollars, as Bitcoin reached a price between $78,000 and $79,000.
Bitcoin exchange inflows also rose to approximately 53,000 BTC. They are at their highest levels since June.
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Source: cointelegraph.com
