Bitcoin Needs to Break $81,700 to Confirm New Bull Market

Bitcoin’s overall trend remains bullish, but the leading cryptocurrency still needs to clear key resistance near $81,700 before a fresh bull market can be officially confirmed.

Price Action Stalls After Sharp Rally

Bitcoin recently rallied 24% over two weeks but has since stalled, trading between $76,000 and $82,000. At the time of the report, the price was hovering around $77,000.

Key Resistance Levels To Watch

Analysts point to resistance between $77,100 and $80,200, an area where long term holders sold a large amount of bitcoin earlier this year. Beyond that, the 365 day moving average near $81,700 is seen as the first major technical hurdle, historically linked to the start of new bull markets. Additional resistance is expected near $83,600 and $88,700.

If bitcoin declines, support is expected around $70,000, followed by a stronger zone between $62,000 and $65,000, where long-term holders accumulated coins this year.