Key Takeaways
- Bitcoin rallied approximately 28% over eight days, reaching a 15-week peak of $81,265 before retreating to sub-$80,000 levels.
- CryptoQuant’s Bull Score climbed from 30 to 80, marking its strongest reading since October 2025.
- Analysts indicate that a weekly closing price above $83,000 would validate the start of a fresh bull cycle, according to CryptoQuant data.
- Whale investors holding short-term positions realized approximately $1.2 billion in gains during August 20ā22.
- BlackRock led US spot Bitcoin ETF inflows with $209 million on Aug. 24, contributing to total net inflows of $338 million.
Bitcoin reached $81,265 on Tuesday, marking its strongest price level in nearly 15 weeks, though it subsequently declined to below $80,000 as market participants secured gains.
This surge followed an impressive eight-day run that saw BTC climb roughly 28% from its $62,000 lows, boosting Bitcoin’s total market capitalization by approximately $350 billion.
The weekly percentage increase represents the second-strongest performance Bitcoin has recorded over the past five years.
In a remarkable recovery, Bitcoin effectively reversed three full months of price declines within just seven days.
The analyst account Bull Theory documented this milestone on social platforms, stating: “Bitcoin hits $80,000 for the first time in almost 15 weeks. It is now up 28% in the last 8 days adding $350 BILLION to its marketcap. BTC has now wiped out 3 months of losses in just 1 week.” The commentary underscored the dramatic shift in market sentiment.
According to CryptoQuant’s analysis, its Bull Score Index surged from 30 to 80 within the past week, achieving its highest reading since October 2025. Currently, eight out of the ten component indicators within the index are displaying bullish signals.
The analytics platform noted that spot and futures market demand are rising in tandem for the first time since early October 2025.
$83,000: The Critical Confirmation Level
CryptoQuant has established a specific threshold: Bitcoin must achieve a weekly close above its 365-day moving average, currently positioned near $83,000, to definitively validate the emergence of a new bull market cycle.
Joel Kruger, market strategist at LMAX Group, identified the May 2026 peak of $82,820 as another significant resistance point. In comments to Cointelegraph, he stated that a decisive breakthrough above this level would “shift attention towards the next major move through $100,000.”
As of this writing, Bitcoin was changing hands around $79,000.
Profit-Taking by Whales Poses Short-Term Pressure
While bullish momentum remains strong, CryptoQuant identified potential near-term headwinds. Large holders classified as short-term whales locked in approximately $1.2 billion in profits during the August 20ā22 period, with a single-day record of $614 million on August 20.
Unrealized profit margins among traders climbed to 20.5%, the highest level recorded since June 2025. CryptoQuant observed that Bitcoin experienced roughly a 30% correction when this indicator reached 19% in May.
Bitcoin deposits to exchanges increased to approximately 53,000 BTC, their highest volume since June, indicating that more coins are being transferred to venues where they could potentially be liquidated.
From an institutional perspective, US spot Bitcoin ETFs recorded $338 million in net inflows on August 24. BlackRock’s IBIT product dominated with $209 million. Spot Ether ETFs simultaneously attracted $116 million on the same date, with BlackRock’s ETHA contributing $90.92 million.
Bitcoin’s Relative Strength Index (RSI) registered 78.71, indicating overbought conditions following the accelerated eight-day rally.
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