CryptoQuant Says BTC Must Break Above $83,000 to Confirm Bull Market

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โดย The Block·GLOBAL·Read original
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CryptoQuant noted that Bitcoin has entered the early phase of a new bull market, having risen more than 25% since the start of last week, but it still needs to close above the 365-day moving average, currently around $83,000, for official confirmation. The on-chain data analytics firm said Bitcoin climbed above $81,000 this week, driven by the U.S. Treasury's plan to double its long-dated bond buybacks to at least $4 billion per operation starting September 9, and comments from President Donald Trump signaling that the U.S. government may consider buying Bitcoin. Julio Moreno, head of research at CryptoQuant, said the closing price of $79,000 was about 5% below the 365-day average, which now stands at $83,100. A decisive break above $83,000 would confirm a new bull market, and until then, that level is likely to act as initial resistance, with the possibility of an early bull market pullback. CryptoQuant's Bull Score jumped from 30 to 80 within a week, the strongest since October 6, 2025, when Bitcoin traded around $124,000, with 8 out of 10 indicators signaling bullish. Spot market demand grew at the fastest monthly rate since late December, and spot and futures demand expanded together for the first time since early October 2025. However, the firm warned that the market looks overheated in the short term. Traders' unrealized profit margin climbed to 20.5%, the highest since June 2025, and short-term holders have already taken profits, realizing $1.2 billion in gains from August 20 to 22, including a single-day record of $614 million on August 20. Bitcoin exchange inflows surged to about 53,000 BTC, the highest since June 5, while Ether rose to 1.7 million ETH and XRP to 460 million XRP, indicating intentions to take profits or hedge.

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