Bitcoin Must Close Above $81,700 to Confirm New Bull Market
CryptoQuant, a leading analytics firm, has identified the crucial price level for Bitcoin to confirm a new bull market. According to their data, Bitcoin's 365-day moving average is currently around $81,700. If Bitcoin can break above this level, it would mark a significant milestone in its recovery and potentially signal the start of a new upward trend.
However, there are concerns about the short-term supply zone in the range of $77,100 to $80,200. Long-term holders have sold as much as 539,000 BTC in this band, which could increase selling pressure if prices rise. This may limit Bitcoin's ability to break above the key resistance level.
But if Bitcoin can overcome these obstacles and clear the $81,700 hurdle, the next resistance levels are seen at $83,600 and $88,700. On the other hand, if the price weakens instead, key support lies at $70,000, where the 200-day moving average sits, and in the $62,000 to $65,000 range.
CryptoQuant's head of research, Julio Moreno, has stated that the overall trend remains bullish. Bitcoin needs to absorb overhead supply and break through key resistance levels for the next upward phase to begin.