Bitcoin could confirm a new bullish cycle above 81700 $

After a 24% gain in two weeks, BTC stopped its progression and currently stagnates around 77000 dollars. According to CryptoQuant, the momentum remains bullish; however, its confirmation depends on a precise threshold: 81700 dollars, the level of the 365-day moving average. However, before reaching it, the market must still absorb a significant concentration of supply. And beyond that, two new resistances already await bitcoin at 83600 and 88700 dollars.

In brief

An important selling zone weighs on bitcoin’s progression

Bitcoin’s rebound encounters a first resistance zone between 77100 and 80200 dollars. Julio Moreno, head of research at CryptoQuant, explains the situation: “the trend remains constructive, but a resistance wall stands in its way”. This barrier equals a zone where long-term holders sold up to 539000 BTC over a one-month period during this year.