Bitcoin's Rally Halted by $81,700 Resistance Wall

Bitcoin has paused in its rally between $76,000 and $82,000 as several key resistance levels converge above its current spot price. According to CryptoQuant, Bitcoin's top hurdle is its 365-day moving average, which currently stands at $81,700. Historically, bull markets have begun when the price closes above this level.

CryptoQuant notes that a decisive break above $81,700 would confirm a new bull market and open room for further growth. However, if Bitcoin is rejected at this level, it will remain range-bound.

In addition to the 365-day moving average, Bitcoin also faces resistance at $83,600 based on the 3x Metcalfe band, which measures network value using active addresses. This band currently sits just above the 365-day moving average.