Bitcoin Bulls Need to Break Through $81,700 for New Market Cycle

CryptoQuant's head of research Julio Moreno emphasizes that Bitcoin maintains its bullish outlook but needs to break above $81,700 resistance level for a new bull market.

The current price movement has stalled after a 24% rise in two weeks, with the price trading between $76,000 and $82,000.

Moreno notes that long-term investors have sold up to 539,000 BTC ($77,708) in the $77,100-$80,200 range over the past 30 days, which is considered the strongest on-chain supply resistance above the current price.

A break above the $81,700 level could confirm a new bull market, while failure to do so might cause the price to trade sideways for longer.