Bitcoin Bull Run Confirmed by CryptoQuant, But Resistance Looms at $83,000

CryptoQuant's on-chain analytics platform claims that Bitcoin has begun its new bull run, citing significant gains in valuation indicators. The company notes that its Bull Score indicator rose from 30 to 80 in just one week, marking the fastest market regime change in the past year.

The surge in price is attributed to two key macro catalysts: the US Treasury's announcement of increased long-term government bond buybacks and US President Donald Trump's statements suggesting that the US government might consider purchasing Bitcoin. Since August 17th, Bitcoin has surged approximately 24%, reaching as high as $80,000.

CryptoQuant attributes the simultaneous upward turn in valuation, demand, and liquidity indicators to the beginning of a new bull market. However, the platform warns that the medium- to long-term outlook has improved, but the short-term might be overheated, with traders' unrealized profit margin at 20.5%, reaching its highest level since June 2025.

To confirm this new bull market, Bitcoin needs to close above its 365-day moving average, currently around $83,000. CryptoQuant notes that investors should closely monitor the 365-day moving average for confirmation of the new bull market, as a pullback might be a healthy move to digest the recent rally.