Bitcoin Bulls Emerge as $83K Threshold Looms

Bitcoin has entered the initial phase of a new bull market, according to CryptoQuant, after a 24% rally pushed key onchain and demand indicators into bullish territory. The analytics firm's Bull Score jumped to 80 from 30 over the past week, hitting its highest level since October 2025 as eight of the index's 10 underlying indicators now flash bullish.

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. LMAX Group market strategist Joel Kruger pointed to the May 2026 high of $82,820 as the next important level for Bitcoin, stating that 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.

However, CryptoQuant warned that the rally may be overheated in the short term, pointing to rising trader profits, heavy profit-taking by whales, and a spike in Bitcoin deposits to exchanges. Traders' unrealized profit margins have climbed to 20.5%, their highest since June 2025.

A weekly close above Bitcoin's 365-day moving average, currently around $83,000, is needed to confirm the shift to a new bull market. At the time of writing, Bitcoin was trading around $79,000, according to CoinGecko data.