Bitcoin enters ‘initial phase’ of new bull market, but $83K remains key: CryptoQuant
BTC is sitting around $78.8K, down 1.3% on the day, and CryptoQuant says we're in the early bull phase. The on-chain story backs that up — our own thermometer reads 51°, which is neutral, not overheated. MVRV Z-Score at the 43rd percentile means we're nowhere near euphoric tops, so there's room to run if demand shows up.
But the catch is $83K. That's the level that turns this from a bounce into a trend. We slipped from $80K as gold cooled and bond yields fell, so macro is still driving the bus more than hodlers are. My take: the fundamentals support accumulation, not leverage. If BTC breaks and holds $83K, the bull case gets real; if it fails, we're range-bound and this headline ages poorly.
Compared to SOL, which just did 4.2B transactions and rallied 40% but is down 3.4% today, BTC looks boring but safer. SOL's growth is real, but it's also more volatile to narrative shifts. I'd rather watch BTC's key level than chase SOL's momentum here.