Bitcoin Market Structure Shifts as $83K Target Looms

Bitcoin's market structure is shifting from spot-driven to futures- and leverage-driven, according to CryptoQuant's data. This change typically occurs during the early stages of a strong bull market.

As Bitcoin approaches $80K, some analysts are concerned about the pattern seen in September over the past few years, where the month has historically been weak. In 2021 and 2020, July and August saw significant gains, but September experienced declines of 7.03% and 7.51%, respectively.

However, this year's data shows a different setup, with July up by 7.36% and August higher by 24.19%. This has raised hopes that the pattern may be broken in 2026.

The Bitcoin Bull Score has jumped from 30 to 80, indicating a rapid change in market momentum. The PnL Index moving above its 365-day moving average is also seen as a positive signal, similar to what happened during the 2023 market recovery.