Bitcoin's Leverage Boom: Can It Ride Past $83K?
Bitcoin's price is once again approaching $80,000 after a brief drop from that threshold. At press time, it was trading at $79,031.27, up 1.9% in the past 24 hours. However, despite the promising price action, something doesn't feel right.
CryptoQuant's data suggests that Bitcoin's market structure is shifting from a spot-driven phase to a futures- and leverage-driven one, which typically occurs at the early stages of a strong bull market. This shift indicates that investors are preparing to use Bitcoin as collateral or to establish leveraged futures positions, amplifying buying pressure and potentially accelerating the price rally.
However, there's an underlying fear in the crypto community: September has historically been a red month for Bitcoin. In 2021 and 2020, July and August were strong months, but September saw declines of 7.03% and 7.51%, respectively. This pattern has weakened since then, with positive results in 2023, 2024, and 2025.
But there are signs that the bear cycle may be ending. Bitcoin's Bull Score has jumped from 30 to 80, indicating a quick change in market momentum. The PnL Index is also above its 365-day moving average, suggesting improving profitability for Bitcoin holders.