Bitcoin has rebounded more than 20 percent, prompting analysis that it has entered the early stage of a new bull market. A trend reversal, however, requires it to break above around $83,000 on a weekly closing basis.

A CryptoQuant report cited by blockchain media outlet Cointelegraph on Monday said its "bull score" jumped to 80 from 30 over the past week. That is the highest level since October 2025. Eight of its 10 component indicators have shifted to bullish signals.

Demand indicators also improved. Spot demand is accelerating, and a trend of spot and futures demand rising together appeared for the first time since early October 2025. The market is therefore watching the possibility of a re-entry into an up cycle.

LMAX Group market analyst Joel Kruger (조엘 크루거) pointed to $82,820, the peak in May 2026, as the next key price level. He said a clear break above that level would strengthen the view that a meaningful cycle bottom has formed, and the market's focus could shift to $100,000 and the all-time high recorded in October 2025.

Short-term overheating signals are also clear. According to CryptoQuant, traders' unrealised profit margin stood at 20.5 percent, the highest since June 2025. When the indicator reached 19 percent in early May 2026, bitcoin was trading around $82,000 but later fell about 30 percent.

Profit-taking by whale investors has also widened. Short-term holding whales realised about $1.2 billion in profit from Aug. 20 to 22. On Aug. 20 alone, they locked in $614 million in profit, the largest amount over the period. Bitcoin was then in the $78,000 to $79,000 range.

Rising exchange inflows are another burden. Bitcoin exchange inflows totaled about 53,000 BTC, the highest since June. With more coins moving to exchanges, analysis says short-term selling pressure could increase.

The market has therefore entered a phase in which bullish reversal signals and short-term profit-taking pressure collide. On-chain and demand indicators improved, but whether bitcoin can hold $83,000 and whether whale selling pressure persists remain key variables that will determine its next direction.