According to The Block, on-chain analytics firm CryptoQuant said Bitcoin has entered the early stage of a new bull market. The firm said a “formal” confirmation still depends on Bitcoin closing above its 365-day moving average, which is near $83,000. At the same time, CryptoQuant described the short-term market as “overheated,” saying traders and whales are taking profits. It also noted that exchange inflows for Bitcoin, Ether, and XRP have all increased, a sign it is tracking closely in the current market phase. The remarks point to a market that, in CryptoQuant’s view, is improving on a longer time frame while showing signs of near-term excess.
According to The Block, on-chain analytics firm CryptoQuant said Bitcoin has entered the early stage of a new bull market, though it still needs a close above the 365-day moving average near $83,000 to gain “formal” confirmation.
CryptoQuant also said the short-term market looks “overheated,” with traders and whales taking profits. The firm added that exchange inflows for Bitcoin, Ether, and XRP have all risen.
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