Bitcoin has made a remarkable ascent, surging to $81,265 on Tuesday, its highest price in almost 15 weeks, before pulling back slightly below the $80,000 mark as traders took profits.
This surge comes on the heels of an impressive eight-day rally where Bitcoin climbed approximately 28%, recovering from lows around $62,000 and boosting its market capitalization by roughly $350 billion. The weekly gain ranks as the second-largest for Bitcoin in the past five years, effectively erasing three months of losses in just a week.
Analysts have taken note of the shifting sentiment, with one analyst capturing the moment on social media, 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 market cap. BTC has wiped out 3 months of losses in just 1 week.” This post underscores the rapid change in market dynamics.
According to analytics firm CryptoQuant, its Bull Score Index jumped from 30 to 80 in the past week, marking its highest level since October 2025. Eight of the ten underlying indicators within this index are now showing bullish signs, indicating a strong demand for both spot and futures trading for the first time since early October 2025.
$83,000: The Crucial Benchmark
CryptoQuant has established a clear benchmark for Bitcoin: a weekly close above its 365-day moving average, currently around $83,000, is necessary to confirm a new bull market. Market strategist Joel Kruger from LMAX Group has pointed to the May 2026 high of $82,820 as another critical level. He noted that a decisive break above this mark could shift focus toward the psychological milestone of $100,000.
As of now, Bitcoin is trading around $79,000, with traders keenly watching the market for further developments.
Profit-Taking and Whale Activity
Despite the bullish signals, some near-term risks have emerged. CryptoQuant highlighted that short-term holder whales realized approximately $1.2 billion in profits between August 20 and August 22, including a record $614 million on August 20. This profit-taking raises concerns, especially since traders’ unrealized profit margins reached 20.5%, the highest level since June 2025. Notably, a similar metric led to a 30% drop in Bitcoin’s price back in May.
Additionally, exchange inflows surged to around 53,000 BTC, marking the highest level since June, suggesting that more coins are being moved to exchanges for potential selling.
On the institutional front, U.S. spot Bitcoin ETFs recorded $338 million in net inflows on August 24, with BlackRock’s IBIT leading the way with $209 million. Spot Ether ETFs also saw significant interest, attracting $116 million on the same day.
Bitcoin’s relative strength index (RSI) currently stands at 78.71, placing it in overbought territory following the rapid ascent over the past eight days. Market participants will be closely monitoring these developments as Bitcoin continues to navigate the turbulent waters of the crypto market.
