Bitcoin Bulls Eye $81,700 Breakthrough for New Market
On-chain analytics company CryptoQuant is maintaining its bullish outlook on Bitcoin, but notes that breaking through the $81,700 resistance level is necessary to confirm a new bull market. According to Julio Moreno, the company's head of research, Bitcoin has stalled after a 24% rise in two weeks, with the price trading between $76,000 and $82,000.
The first significant resistance zone above the current price is located in the $77,100-$80,200 range, where long-term investors have sold up to 539,000 BTC over the past 30 days. This area is considered the strongest on-chain supply resistance above the current price.
A critical technical level for Bitcoin is its 365-day moving average, around $81,700. In past cycles, bull markets officially began when the price closed above this average. A clear break above this level could confirm a new bull market, while a failure could cause the price to trade sideways for a while longer.