Bitcoin's Bull Score Index Hits 80 as Asset Reclaims Key Technical Level
CryptoQuant's Bull Score Index has reached 80, indicating 'Extra Bullish' conditions for Bitcoin. This reading is higher than in May when the price of Bitcoin was at a similar level. According to Julio Moreno, CryptoQuant's Head of Research, the index combines several market and on-chain signals to provide a broader assessment of Bitcoin's conditions.
Bitcoin has gained 14% over the past week and reached a seven-month high near $87,000. The broader crypto sentiment has also improved as the US Securities and Exchange Commission advances efforts to develop a regulatory framework for cryptocurrencies. Strategy Inc. has returned to the market with another Bitcoin purchase after a buying pause that lasted nearly a month.
US spot Bitcoin exchange-traded funds recorded $998.95 million in Monday inflows, their strongest daily total in 11 months. Ki Young Ju, CryptoQuant's founder, said that Bitcoin reclaimed its 365-day moving average near $83,000 and moved above $84,000. This level is an important dividing line between bearish and bullish market phases.
Moreno contrasted the current market conditions with those seen in May, highlighting stronger fundamentals now. The Bull Score Index has risen from 50 to 80, marking a clear shift between the two periods identified by Moreno. Bitcoin's latest advance also pushed the price above major long-term technical levels.