Bitcoin Bull Market Confirmed as Crypto Prices Reach New Heights

Bitcoin's bull market has officially begun after reclaiming its 365-day moving average at $80,500 and climbing above $86,000. According to a report by CryptoQuant, this historical signal marks the start of previous bull markets.

The top cryptocurrency faces its next major resistance between $88,000 and $90,000, where onchain supply meets the trader's realized price upper band. As Bitcoin approaches this level, traders can expect selling pressure to increase due to stretched profit margins.

Altcoins remain largely underwater, with the median coin having less than 25% of its supply in profit despite the 'alt season' momentum. This indicates that altcoin holders are still sitting on unrealized losses, a far cry from reaching their break-even point.