Bitcoin Bull Market Gains Momentum but $83K Remains Key Barrier

Bitcoin's onchain indicators have reached their highest level since October 2025, signaling that it has entered the early stages of a new bull market. According to CryptoQuant, the Bull Score jumped to 80 from 30 over the past week, with eight out of its 10 underlying indicators now flashing bullish. This comes as Bitcoin (BTC) climbed above $80,000 during the rally.

CryptoQuant emphasized that while this is a positive sign, a weekly close above the 365-day moving average, currently around $83,000, is needed to confirm the shift to a new bull market. Market strategist Joel Kruger pointed out that the next important level for Bitcoin is its May 2026 high of $82,820.

However, CryptoQuant also warned that the rally may be overheated in the short term, citing rising trader profits and heavy profit-taking by whales. Traders' unrealized profit margins have climbed to 20.5%, their highest since June 2025, while whales realized about $1.2 billion in profits between Aug. 20 and Aug. 22.