Bitcoin Must Clear $81,700 to Confirm New Bull Market
CryptoQuant, an on-chain analytics firm, is saying that Bitcoin's price must clear resistance at $81,700 to confirm a new bull market. According to CryptoQuant's head of research Julio Moreno, Bitcoin's recent 24% rally over two weeks has stalled, with the price hovering around $77,000 after moving between $76,000 and $82,000.
The trend remains constructive, but there is a significant wall of resistance standing in the way. This zone includes long-term holders selling up to 539,000 BTC over a 30-day period this year, making it the 'nearest and heaviest on-chain supply resistance above the current price.'
Moreno notes that historically, Bitcoin bull markets have officially started when the price closes above its 365-day moving average, which is currently around $81,700. A clear move above this level could confirm a new bull market, but failing to do so may mean that Bitcoin continues trading in a range.
Other levels of resistance include $83,600, based on CryptoQuant's '3x Metcalfe band', and $88,700, which is the upper level of their trader realized price model. If Bitcoin moves lower, support can be found around $70,000, its 200-day moving average, or between $62,000 and $65,000, where long-term holders bought about 476,000 BTC this year.