Bitcoin Surges into Early Bull Market Phase Amid Key Hurdles

Bitcoin has shifted into an early bull market phase, according to on-chain analyst Julio Moreno. He notes that most indicators now point to a renewed upcycle in the market trend.

Moreno cautions that while the trend is positive, key technical and on-chain levels still pose risks. Specifically, Bitcoin needs to break above its 365-day moving average, currently at $83,000, to officially confirm the bull market.

The analyst highlights two main concerns: high unrealized profits among holders, which could trigger selling pressure, and a sharp increase in exchange inflows as a potential source of supply overhang.