Bitcoin Stalls at $81.7K Resistance Wall, Bull Market Hinges on Breakthrough

Bitcoin is currently facing significant resistance at $81.7K as it tries to push through its 365-day moving average, which serves as a key technical hurdle for the top crypto.

According to CryptoQuant's report, Bitcoin's bull markets have historically begun when the price closes above this average, while the 200-day moving average at $70,000 remains the key technical support.

The recent rally brought Bitcoin close to the 365-day moving average, where it stalled and acted as resistance. A decisive break above this level would confirm a new bull market and open room for further growth, but rejection could keep Bitcoin range-bound.

Beyond $81.7K, Bitcoin faces another resistance level at $83,600 based on the 3x Metcalfe band, which measures Bitcoin's network value using active addresses. This band currently sits just above the 365-day moving average and represents a significant valuation ceiling for the top crypto.

Bitcoin also faces potential selling pressure as it approaches the upper band of the trader realized price at $88,700, where unrealized profit margins become increasingly stretched, historically leading to stronger selling. The report notes that this level provides firm resistance for any further extension.