CryptoQuant's Bull Score jumped from 30 to 80 this week, its strongest reading since October 6, 2025, when Bitcoin traded near $124,000. The move comes as Bitcoin climbed about 24% from August 17 to reach $80,000, its highest level since mid-May. But the data firm says confirmation of a new bull phase still depends on a daily close above the 365-day moving average, near $83,000.
Why the Bull Score jumped
Eight of the ten underlying indicators CryptoQuant tracks are now in bullish territory. The firm points to apparent spot demand expanding at its fastest monthly pace since late December, and spot and futures demand rising together for the first time since early October 2025. Trader unrealized profit margins hit 20.5%, the highest level since June 2025.
The $83,000 test
The 365-day moving average is the line in the sand. Bitcoin needs a daily close above that level to lock in a new bull cycle, according to CryptoQuant. The recent rally has brought it close, but a close above $83,000 remains unconfirmed. Until then, the bull case is strong but not sealed.
Profit-taking and exchange deposits
Not everything is green. Large holders realized $614 million in profits on August 20, and higher Bitcoin, Ether, and XRP deposits on exchanges point to potential selling. That's a short-term drag on a rally that's already run 24% in about a week. The data suggests some traders are taking chips off the table.
Macro backdrop
A couple of outside factors are floating around. The US Treasury plans to raise long-term bond buybacks to at least $4 billion per operation starting September 9, which could affect liquidity. And President Donald Trump has made comments about possible federal Bitcoin purchases, though nothing concrete. Neither is priced into CryptoQuant's indicators yet, but they're the kind of headlines that can move sentiment.
The next thing to watch is whether Bitcoin can close a daily candle above $83,000. If it does, the bull phase gets a green light. If not, this could just be another sharp bounce in a longer consolidation.
