Bitcoin Must Break Above $81,700 to Confirm New Bull Market

Bitcoin has been rising steadily over the past two weeks, increasing by 24% and reaching as high as $77,000. However, despite this upward trend, the cryptocurrency is now facing significant selling pressure from long-term holders.

This selling pressure has caused Bitcoin to stall around $77,000, with key resistance levels at $80,200 preventing further gains. According to analysts, the price must break above $81,700 to confirm a new bull market.

Breaking this level would not only confirm a bull market but also align with Bitcoin's 365-day moving average. Beyond this point, there are potential resistance levels at $83,600 and $88,700 that could trigger profit-taking.