Bitcoin Eyes Critical Threshold as Analysts Monitor Bull Market Continuation
Bitcoin's price has been hovering around $77,327 after experiencing a marginal 0.1% increase on Sunday, despite a weekly decline of over 3%. The cryptocurrency is facing headwinds from rising interest rate projections and investors are increasingly opting for dollar-based instruments.
According to CryptoQuant, a leading blockchain data provider, the critical threshold needed to validate the continuation of the bull market is $81,700. This level corresponds to the 365-day simple moving average and has historically marked the beginning of fresh bullish phases in Bitcoin's cycles.
Julio Moreno, head of research at CryptoQuant, emphasized that a decisive move through this level would signal confirmation of a new leg up for the cryptocurrency. He also highlighted the significance of the $77,100 to $80,200 resistance band, where long-term holders have liquidated approximately 539,000 BTC in the past month.