Bitcoin Awaits $81,700 Test for Bull Market Confirmation

Bitcoin's recent price action has been closely watched by analysts and traders alike. According to CryptoQuant, if Bitcoin can close above $81,700, it could confirm a new bull market.

The cryptocurrency has rallied 24% over the past two weeks but remains below this key level. Julio Moreno, head of research at CryptoQuant, notes that long-term holders sold as much as 539,000 BTC in one major supply zone, while buying about 476,000 BTC in a deeper support range.

The next major technical level sits near $81,700, which is Bitcoin's 365-day moving average. Historically, this has marked the point where bull markets officially begin after a closing breakout. If Bitcoin fails to clear this average, it could continue trading inside its current range.