According to The Block, on-chain analytics firm CryptoQuant stated that Bitcoin has entered the early stages of a new bull market, but it still needs to close above the 365-day moving average of nearly $83,000 to gain “official” confirmation.

The company also pointed out that the short-term market appears “overheated,” with traders and whales taking profits, and the exchange inflow of Bitcoin, Ethereum, and Ripple has increased.