Bitcoin’s New Bull Market Threshold Identified: Will $81,700 Be Surpassed?

Bitcoin needs to surpass the $81,700 level to confirm it has entered a new bull market.

Bitcoin is trading at approximately $77,000 following a 24% rally over the last two weeks. CryptoQuant stated that for the price to confirm a new bull market, it must close above the $81,700 level, where the 365-day moving average is located.

The price rally slowed down in a supply zone where long-term investors are selling. In the $77,100-$80,200 range, it was calculated that long-term holders sold up to 539,000 BTC within a 30-day period this year. This zone is identified as the closest and strongest on-chain resistance area to the current price.

Critical resistance levels for Bitcoin

Surpassing $81,700 means moving above the level where bull markets were historically considered to have begun. CryptoQuant research director Julio Moreno stated that if Bitcoin moves clearly above this average, a new bull market could be confirmed; otherwise, the price may remain within a certain range for a while longer.

If the upward movement continues, $83,600 stands out as the level indicated by the 3x Metcalfe band, which takes network usage and active addresses into account. $88,700 serves as the upper band of the model tracking the average cost of active investors. This level is regarded as the region where profit-taking was concentrated in the past.

In a downward scenario, the first significant support is seen as the 200-day moving average at the $70,000 level. Stronger support lies in the $62,000-$65,000 range, where long-term investors accumulated approximately 476,000 BTC this year. While CryptoQuant finds Bitcoin’s overall outlook positive, it noted that upper supply zones must first be surpassed for the rally to move into a new phase.