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BTC On-chain analysis firm CryptoQuant: Bitcoin maintains a bullish trend, breaking through US$81,700 to confirm a new bull market.
On-chain data analysis firm CryptoQuant pointed out that Bitcoin still maintains a bullish outlook, but it needs to effectively break through the resistance level of US$81,700 to officially confirm the start of a new bull market.
Price shocks and key resistance areas
Julio Moreno, the company's research director, said that after a sharp rise of 24% in two weeks, Bitcoin's trend has stalled, and the current price is mainly trading in the range of US$76,000 to US$82,000. Moreno pointed out that the first important area of resistance above current prices lies between $77,100 and $80,200. Data shows that long-term investors have sold as many as 539,000 BTC units in this range in the past 30 days, which constitutes the strongest on-chain supply resistance above current prices.
Analysis of key technical points
After crossing the above area, Bitcoin's key technical indicator is the 365-day moving average, which is around US$81,700. Moreno emphasized that in past market cycles, Bitcoin bull markets are usually marked by prices closing above this moving average. If this level can be clearly exceeded, it will be expected to confirm the arrival of a new bull market; conversely, if it fails to break through, prices may continue to move sideways for some time.
Subsequent Goals and Support Levels
According to CryptoQuant's "3x Metcalfe Band" indicator, the next major resistance level is set at $83,600. If it goes further, traders will pay close attention to the upper trajectory of the current price pattern-US$88,700-for potential profit-taking behavior.
On the other hand, US$70,000 showed significant support in the downward trend. Data shows that long-term investors have bought approximately 476,000 BTC units in the US$62,000 to US$65,000 range. Moreno concluded that the overall market outlook is still on the high side, but Bitcoin needs to overcome current supply pressures before it can open a new uplink band.
Note: The above content is for reference only and does not constitute investment advice.
