Bitcoin needs to clear roughly $81,700 to confirm a fresh bull market, according to CryptoQuant head of research Julio Moreno. He said BTC has paused after gaining 24% over the past two weeks and is now trading in a $76,000 to $82,000 range. While the broader trend remains bullish in his view, failure to move above the 365-day moving average near $81,700 could leave the asset stuck in consolidation.
Moreno also pointed to on-chain data showing that the nearest and most important supply resistance sits between $77,100 and $80,200. In that zone, long-term holders sold as many as 539,000 BTC within 30 days earlier this year. Above that, the next resistance levels are $83,600 and $88,700, with the latter historically associated with profit-taking by active traders. On the downside, Moreno said the 200-day moving average near $70,000 may act as support, while another support band lies between $62,000 and $65,000, where long-term holders have accumulated about 476,000 BTC this year.
Bitcoin needs to break above the 365-day moving average near $81,700 before a new bull market can be confirmed, according to CryptoQuant head of research Julio Moreno.
Moreno said Bitcoin has run into resistance after rising 24% over the past two weeks, with price now moving in a $76,000 to $82,000 range. He described the broader trend as still bullish, but said failure to push through $81,700 could keep BTC trading sideways inside that band.
On-chain data points to a key supply wall
CryptoQuant data shows the closest and most important supply resistance zone sits between $77,100 and $80,200. Earlier this year, long-term holders sold as much as 539,000 BTC within 30 days in that range.
The next resistance levels are $83,600 and $88,700. Around $88,700, active traders have historically been more likely to take profits.
Support levels sit at $70,000 and $62,000 to $65,000
If Bitcoin turns lower, the 200-day moving average near $70,000 could provide support, Moreno said.
Another support zone lies between $62,000 and $65,000. Long-term holders have accumulated about 476,000 BTC in that area this year.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
