Summary
- CryptoQuant said Bitcoin’s 365-day moving average is currently around $81,700, and that the cryptocurrency must break above that level to confirm the start of a new bull market.
- In the short term, the $77,100 to $80,200 range is the nearest supply zone, and long-term holders previously sold as much as 539,000 BTC in that band, which could increase selling pressure if prices rise.
- If Bitcoin pulls back, the $70,000 200-day moving average and the $62,000 to $65,000 range could serve as key support levels, as about 476,000 BTC in purchases were made there this year.
Forecast Trend Report by Period
Bitcoin has rebounded recently and is trading in a $76,000 to $82,000 range, but it must break above $81,700 to confirm the start of a new bull market, according to CryptoQuant.
The Block reported on September 13 that Julio Moreno, CryptoQuant’s head of research, wrote in a report that the broader trend remains positive, though strong resistance is clustered near the top of the range.
CryptoQuant said Bitcoin’s 365-day moving average is currently around $81,700. In past cycles, Bitcoin moved into a full-fledged bull market after closing above that level.
In the short term, the $77,100 to $80,200 range was identified as the nearest supply zone. Long-term holders sold as much as 539,000 BTC over a 30-day period in that price band this year, meaning selling pressure could intensify if prices climb.
Once Bitcoin clears $81,700, the next resistance levels are seen at $83,600 and $88,700. If the price weakens instead, key support lies at $70,000, where the 200-day moving average sits, and in the $62,000 to $65,000 range, where long-term holders bought about 476,000 BTC this year.
Moreno said the overall trend remains bullish. Bitcoin needs to absorb overhead supply and break through key resistance levels for the next upward phase to begin.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.