According to CoinMeta, as reported by CryptoQuant, Bitcoin's bull market rating has climbed to 90 points (out of 100) following the latest rebound. However, due to weakened demand for spot and futures, there are doubts about whether the market has sufficient buying support to continue rising. Bitcoin slightly rose to $83,300 in early trading on Wednesday, an increase of about 0.4% over the past 24 hours, but it has fallen from its eight-month high of $87,400. The bull market rating index from CryptoQuant soared after Bitcoin broke through its 365-day moving average, a level considered a confirmation of a bull market. Despite the rise in the bull market rating, data shows that spot demand for Bitcoin has contracted by about 170,000 BTC in the past 30 days, indicating that the amount of Bitcoin absorbed by the market is less than the amount of Bitcoin available.