Bitcoin's Bull Score Hits 90, but Demand Deteriorates

CryptoQuant's Bitcoin Bull Score has reached an impressive 90 out of 100 after the coin broke above its 365-day moving average. However, the demand measure shows a contradictory trend, as apparent spot demand contracted by around 170,000 BTC over the past 30 days.

This discrepancy highlights the difference between a strong trend and the marginal buyer's behavior. The Bull Score reflects the current market conditions and bullish indicators, but it doesn't necessarily predict future price movements or identify who will buy the next sale.

The apparent demand measure estimates changes in supply held for longer periods relative to newly issued coins. A 170,000 BTC contraction over 30 days is a significant change in this estimate, but it's essential to note that this figure doesn't represent an exact number of coins sold or dumped on exchanges.