Bitcoin At $80,000 Today Vs. Bitcoin At $80,000 in May: 'Very Different,' Says This Analyst

CryptoQuant Head of Research Julio Moreno contrasted Bitcoin (CRYPTO: BTC) (CRYPTO: BTC) crossing above $80,000 in September versus May, noting much stronger fundamentals today.

Bulls Are Back?

Moreno highlighted on X that Bitcoin’s Bull Score Index has risen to 80, flashing “Extra Bullish” sentiment. Back in May, at the same price, the score was only 50 and labeled "Neutral."

The Bull Score Index measures Bitcoin’s overall market cycle phase and ranges from 0 to 100. Scores above 60 are seen as bullish, indicating sustainable upward momentum and favorable market conditions.

The composite indicator measures network demand, stablecoin liquidity and trader profit margins to determine the scores.

Bitcoin Rebounds in Style

Bitcoin has surged 14% over the past week, hitting a seven-month high of $87,000, as broader cryptocurrency sentiment improved on the SEC’s push to build a regulatory framework for cryptocurrencies.

Strategy Inc.’s (NASDAQ:MSTR) latest Bitcoin purchase following a nearly month-long buying pause also contributed to the rally.

The surge galvanized institutional demand as U.S. spot Bitcoin exchange-traded funds pulled in $998.95 million on Monday, their largest single-day inflow in 11 months.