Bitcoin enters ‘initial phase’ of new bull market, but $83K remains key: CryptoQuant

CryptoQuant's framing splits the signal into two clocks: an on-chain regime shift that plays out over months, and profit-taking pressure that plays out over days. The $83,000 level is the hinge — it separates a routine pullback within a new uptrend from a failed breakout, which is why it carries more weight than the rally itself. The open question is whether profit-taking stays orderly as price extends, since that, not the bullish indicators, determines whether this phase matures.