Bitcoin flashes a 90 Bull Score, but buyers are pulling back

Source: bitcoinethereumnews2026/09/30 14:40

Analysis

CryptoQuant's Bull Score reaching 90 signals a technical regime shift after BTC reclaimed its 365-day moving average, yet the accompanying demand data points the other way, with spot demand contracting roughly 170,000 BTC over 30 days and futures demand growth down about 90% in 15 days. That divergence matters because the score is a composite of onchain and market indicators, so a high reading can coexist with fading marginal buyers, as seen when price stalled near $85,000-$85,800 after briefly topping $87,000. The transmission path runs from weakening spot and leveraged demand to thinner support for further upside, with earlier ETF inflows of $999 million and $714.7 million on Sept. 21-22 no longer being matched. Watch whether spot demand and ETF flows stabilize, whether futures open interest rebuilds, and whether BTC can hold above the 365-day moving average that underpins the bull-market classification.

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Bitcoin’s Bull Score has climbed to 90 out of 100 after its latest rally, but weakening spot and futures demand has raised questions over whether BTC has enough buying support to resume its move higher. Summary Bitcoin’s Bull Score reached 90 out of 100 after BTC broke above its 365 day moving average. Spot demand contracted by roughly 170,000 BTC over the past 30 days, while futures demand growth fell about 90% in 15 days. Bitcoin has struggled to hold above $87,000 as profit taking increased and leveraged traders reduced exposure. BTC may need renewed buying demand to reclaim the recent high and sustain another move higher. CryptoQuant’s Bull Score Index has jumped after Bitcoin broke above its 365 day moving average last week, a level the onchain analytics firm treats as confirmation of a bull market. Bitcoin traded just above $83,300 on Wednesday morning in Asia, up around 0.4% over the past 24 hours but down from its eight month high near $87,400. The Bull Score combines several onchain and market indicators into one reading, with the latest figure leaving Bitcoin only 10 points below the maximum score. Price action has cooled since BTC reached its recent high. Bitcoin briefly moved above $87,000 before sellers pushed it back toward $84,000, while resistance around $85,000 to $85,800 subsequently limited another move higher. Crypto.news previously reported that Bitcoin’s move toward $85,000 initially drew support from spot Bitcoin exchange traded funds. U.S. spot funds took in $999 million on Sept. 21 and another $714.7 million on Sept. 22 as the rally gathered pace. Bitcoin demand has fallen despite the Bull Score Demand data tracked by CryptoQuant has moved in the opposite direction to the Bull Score. The firm estimates that Bitcoin spot demand has contracted by roughly 170,000 BTC over the past…

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