Bitcoin's Bull Market Threshold Hinges on $83,000 Breakout

According to on-chain analyst Julio Moreno from Woofun AI, Bitcoin has entered the early stages of a new bull market. However, this confirmation requires breaking above its 365-day moving average at $83,000.

This threshold is crucial as it could lead to significant capital inflows and attract more investors. On the other hand, failure to hold this support level might result in a market pullback.

A key factor that weighs on the bull market's momentum is the substantial unrealized profits accumulated during the previous rally. This excess supply has led to increased short-term selling pressure, which could hinder sustained price increases.