Bitcoin Enters Early Bull Market Phase, But Key Hurdles Remain Ahead

Bitcoin has entered an early bull market phase, according to on-chain analyst Julio Moreno. He notes that most indicators now point to a renewed upcycle in Bitcoin's price trend.

Moreno emphasizes that this is not yet a fully confirmed bull market, as there are still key technical and on-chain levels posing risks. Specifically, Bitcoin needs to break above its 365-day moving average of $83,000 to officially confirm the bull market.

The analyst also warns about high unrealized profits among holders, which could trigger selling pressure. Additionally, he points out a sharp increase in exchange inflows as a potential source of supply overhang.