CryptoQuant: Bitcoin Needs to Break Above $81,700 to Confirm a New Bull Market

BlockBeats news, September 13 — Julio Moreno, Head of Research at CryptoQuant, said that Bitcoin has temporarily stalled after a 24% gain over two weeks and is currently fluctuating in the $76,000 to $82,000 range. Its overall trend remains bullish, but it needs to break above the 365-day moving average near $81,700 to confirm a new bull market; if it fails to break through, the price may continue to remain range-bound.

On-chain data shows that $77,100 to $80,200 is the nearest and most major supply resistance zone, where long-term holders this year sold as much as 539,000 BTC within 30 days. Subsequent resistance levels are at $83,600 and $88,700, with the area near $88,700 historically prone to profit-taking by active traders.

If Bitcoin turns downward, the 200-day moving average near $70,000 may provide support; another support range is at $62,000 to $65,000, where long-term holders this year have accumulated about 476,000 BTC.