Bitcoin Price Enters Initial Phase of Bull Market, $83K Key Level

The price of Bitcoin has been on the rise, and CryptoQuant is now calling it an initial phase of a bull market. The firm's Bull Score jumped to 80 from 30 over the past week, with eight out of ten indicators turning bullish.

CryptoQuant emphasized that confirmation matters, pointing to a key technical benchmark: a weekly close above Bitcoin's 365-day moving average, currently around $83,000. This would indicate a shift towards a bull market phase.

The firm also noted that demand appears to be strengthening across both spot and derivatives markets, with spot and futures demand moving together for the first time since early October 2025. However, CryptoQuant warned that the rally may be stretched short-term due to rising trader profits and whale profit-taking.