Bitcoin's Price Rally Hits Resistance at $81,700

The price of Bitcoin has surged by 24% in recent weeks, pushing from under $65,000 to over $82,000. However, this rally has hit a wall as the cryptocurrency struggles to break through key resistance levels.

CryptoQuant analysts believe that the overall setup remains constructive, but Bitcoin must overcome several technical and on-chain obstacles before it can continue its upward trajectory.

One critical level is the 365-day moving average at $81,700. A successful close above this level could confirm a new bullish phase and open the door for another major leg up.

However, if Bitcoin fails to break through this resistance, it could lead to a longer consolidation phase or even a more profound decline.