Bitcoin's New Bull Market Takes Shape: Initial Phase Unfolds Around $83K

According to CryptoQuant, Bitcoin has entered its 'initial phase' of a new bull market. The analyst highlights that $83K remains a crucial level for the cryptocurrency.

The initial phase is characterized by an increase in buying pressure and a surge in momentum, often leading to a significant price rise. However, it's essential to note that this phase can be unpredictable and may not always result in a sustained bull market.

CryptoQuant emphasizes that $83K is a pivotal level for Bitcoin, as breaking above this resistance could pave the way for further gains. On the other hand, failing to surpass this level might lead to a correction or even a bearish reversal.