CryptoQuant Says Bitcoin Must Close Above $81,700 to Confirm New Bull Market

• CryptoQuant said Bitcoin must break above $81,700 on a closing basis to confirm the start of a new bull market.
• It said long-term holders sold as much as 539,000 BTC in the $77,100 to $80,200 range this year, meaning selling pressure could increase in that zone.
• In the event of a pullback, $70,000 and the $62,000 to $65,000 range were identified as key support levels, while $83,600 and $88,700 were presented as the next resistance levels after a break above $81,700.

Forecast Trend Report by Period

Bitcoin has rebounded recently and is trading between $76,000 and $82,000, but it must close above $81,700 to confirm the start of a new bull market

The Block reported on September 13 that Julio Moreno, CryptoQuant’s head of research, wrote in a report that the broader trend remains positive, though strong resistance is clustered near the top of the range.

CryptoQuant said Bitcoin’s 365-day moving average currently stands at about $81,700. In previous cycles, Bitcoin moved into a full-fledged bull market after closing above that level.

In the near term, the $77,100 to $80,200 range was identified as the closest supply zone. Long-term holders sold as much as 539,000 BTC on a 30-day basis in that range this year, suggesting selling pressure could intensify if prices climb further.

Once Bitcoin clears $81,700, the next resistance levels are $83,600 and $88,700. If prices retreat, key support is seen at $70,000, where the 200-day moving average sits, and in the $62,000 to $65,000 range, where long-term holders bought about 476,000 BTC this year.

Moreno said the broader trend still points to a bullish market. Bitcoin must absorb overhead supply and break through key resistance levels before the next upward phase can begin.

Source: en.bloomingbit.io