Bitcoin Bull Market Signals Fading as $83K Remains Key Hurdle
CryptoQuant reports that Bitcoin has entered an early phase of a potential new bull market following a 24% rally.
The rally pushed key valuation metrics higher, including CryptoQuant's Bull Score, which jumped from 30 to 80 within a week and reached its most bullish reading since October 6 when Bitcoin traded around $124,000.
Stronger demand is supporting the latest rally, with apparent spot demand growing at its fastest monthly pace since late December.
CryptoQuant noted that both spot and futures demand are now expanding together for the first time since early October, reflecting genuine spot accumulation alongside a return of leveraged demand.
However, Bitcoin still faces a key price hurdle before confirming a new bull rally: its 365-day moving average currently sits at $83,000. Historical bull markets have officially begun when Bitcoin moves above this long-term average.