Bitcoin is approaching the $80,000 mark again, trading at $79,031.27 after a 1.9% increase in the past 24 hours. However, data indicates a shift in market structure from spot-driven demand toward a futures- and leverage-driven phase, a pattern historically seen in early bull markets. This shift suggests traders are preparing for leveraged long positions rather than selling. Meanwhile, September historically presents uncertainty, as previous years saw declines after strong summer months, though the last three years have bucked that trend with positive closes. On-chain metrics show a rapid improvement in momentum, with the Bitcoin Bull Score jumping from 30 to 80.
Bitcoin is trading at $79,031.27 after a 1.9% increase in the last day, approaching the $80,000 threshold.
According to CryptoQuant, Bitcoin’s market structure is shifting from a spot-driven phase toward one driven by futures and leverage. The analysis notes, “The dawn of a new cycle is breaking.”
Investors are not selling but preparing to use Bitcoin as collateral for leveraged futures positions. This leverage can amplify buying pressure and accelerate price rallies.
September historically brings fear, uncertainty, and doubt to the crypto community. Data from CoinGlass shows that in 2020 and 2021, strong summer gains led to September declines of 7.51% and 7.03%, respectively.
July 2026 saw a 7.36% gain, and August posted a 24.19% rise, creating a similar setup. However, Bitcoin has recorded positive September closes for the last three years.
Bitcoin ETFs also provide hope, with monthly inflows of $172.43 million in July and $3.52 billion in August. The Bitcoin Bull Score has jumped from 30 to 80, recording its fastest improvement in a year.
The PnL Index moving above its 365-day moving average is another encouraging signal. This indicates improving profitability and market conditions, similar to the 2023 market recovery.
The market shows signs that the bear cycle may be ending, but $83,000 is the key line to define a genuine new bullish phase.
