CryptoQuant's Bull Score jumped to 80 from 30 in a week as Bitcoin's rally flipped onchain and demand indicators bullish, but the firm says a weekly close above roughly $83,000 is still needed to confirm a new bull market. Whales have already realized about $1.2 billion in profits, and a separate reading shows Bitcoin's daily RSI deep in overbought territory after the retreat below $80,000.
Bitcoin has entered the early stages of a new bull market after a 24% rally pushed key onchain and demand indicators into bullish territory, according to CryptoQuant. The analytics firm'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.
Bull Score jumps as demand indicators align
Bitcoin (BTC) 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 shift has been supported by accelerating spot demand, while spot and futures demand are growing together for the first time since early October 2025, CryptoQuant said.
LMAX Group market strategist Joel Kruger pointed to the May 2026 high of $82,820 as the next important level, arguing a break above it would shift attention toward the next major move through $100,000. At the time of writing, Bitcoin was trading around $79,000, according to CoinGecko data.
A separate reading from crypto.news showed the price retreating toward $79,250 after its advance stalled above $81,200, following a rally of about 25% from the $63,000–$65,000 region. The daily relative strength index reached 82.44, well above the 70 level commonly used to identify overbought conditions.
Whales take profits as rally heats up
Despite the bullish signals, CryptoQuant warned the rally may be overheated in the short term, pointing to rising trader profits, heavy profit-taking by whales and a spike in deposits to exchanges. Traders' unrealized profit margins have climbed to 20.5%, their highest since June 2025. CryptoQuant noted Bitcoin fell about 30% after the metric reached 19% in early May, when BTC was trading near $82,000.
Short-term holder whales realized about $1.2 billion in profits between Aug. 20 and Aug. 22, including a record $614 million on Aug. 20, as Bitcoin traded near $78,000 to $79,000. Exchange inflows also climbed to roughly 53,000 BTC, their highest since June, signaling that more coins are moving onto trading platforms where they could be sold.
Sources: Cointelegraph.com News, crypto.news
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