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CryptoQuant confirms bitcoin must clear resistance at $81,700 to confirm new bull market

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Bitcoin's outlook remains bullish, but it needs to clear resistance at $81,700 to confirm a new bull market, according to CryptoQuant.

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Summary

The onchain analytics firm said in a Friday report that bitcoin 's 24% rally over two weeks had stalled. "The trend is still constructive, but a wall of resistance stands in the way," Julio Moreno, CryptoQuant's head of research, said in the report. Moreno sees resistance between $77,100 and $80,200, where long-term holders sold as much as 539,000 BTC over a 30-day period this year. Following that zone, the first major technical resistance level is bitcoin's 365-day moving average, currently around $81,700, Moreno said.

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