Bitcoin Bulls Face Crucial Test at $81,700 Amid Heavy Supply

CryptoQuant warns that Bitcoin's recent rally still faces a key test before it can be confirmed as a new bull cycle. The cryptocurrency has recovered sharply over the past month, but its price remains below the crucial threshold of $81,700.

According to CryptoQuant head of research Julio Moreno, a sustained close above this level has historically marked the point at which Bitcoin's bull markets become established.

The current structure remains constructive, but a heavy supply zone between $77,100 and $80,200 is standing directly in the way. This range represents a major resistance area for BTC, with long-term holders selling as much as 539,000 BTC around that level during 2026.

CryptoQuant's on-chain data also shows an elevated Exchange Whale Ratio of 0.93, indicating that large wallets accounted for a high share of Bitcoin flowing into exchanges.