Bitcoin Rally Losing Steam After Reaching $87,000

Bitcoin's recent surge to an eight-month high near $87,400 has flipped from a short squeeze to long risk, according to CryptoQuant.

The top digital asset reclaimed a long-term technical threshold that marked the start of a fresh bullish phase, and its Bitcoin Bull Score Index has risen to 90 out of 100, indicating broadly favorable market conditions.

However, beneath this headline strength, the balance between new demand and existing holders looking to cash out is beginning to shift.

CryptoQuant estimates that apparent spot demand contracted by about 170,000 BTC over the past 30 days, suggesting cash-market buying has failed to keep pace with the rally.