Bitcoin Remains Bullish As Profit Taking Accelerates

The bitcoin bull market remains confirmed by several CryptoQuant indicators, but the momentum that drove BTC up to 87400 dollars is slowing down. Spot demand is declining, speculative positions are growing more slowly, and profit-taking has now reached levels likely to trigger a short-term correction.

In brief

The bitcoin bull market remains well established

The Bitcoin Bull Score from CryptoQuant reaches 90 out of 100. This level means nine of the ten indicators monitored by the platform remain favorable. The crossing of the price above its 365-day moving average also confirmed the start of a new bullish phase.

This reading does not, however, guarantee continuous progress. After its eight-month peak at 87400 dollars, bitcoin dropped below 84000 dollars before rising again around 84300 dollars on October 1^st.