bullish

Recall

Rally

The analyst at CryptoQuant weighed in on BTC’s notable price resurgence, which drove the asset from under $65,000 to over $82,000 within a few weeks, and, more specifically, on the subsequent rejection and what could follow around the corner.They believe the overall setup remains constructive, but the cryptocurrency has to overcome a stack of technical and on-chain resistance levels, which are right in front of it.<h2 id="which-level-decides-btc-s-fate">Which Level Decides BTC’s Fate?</h2>The weekly report by CryptoQuant identified Bitcoin’s 365-day moving average, currently located at $81,700, as the asset’s most important level. Recall that BTC briefly exceeded that level at the start of September, but the bears stepped up and quickly <a href="https://cryptopotato.com/btc-stopped-at-82k-as-strong-us-jobs-report-shakes-markets-strategy-resumes-buying-weekly-recap/" rel="noopener noreferrer nofollow">rejected</a> the move.Historically, bull markets have “officially” begun once the cryptocurrency closes above this moving average. A successful close above $81,700 could confirm a new bullish phase and open the door for another major leg up. However, its continuous inability to break through could lead to a longer consolidation phase or even to a more profound decline.On the downside, bitcoin’s rally won’t be confirmed by simply moving past the $81,700 obstacle, as there are a few others on the way up. At first, CryptoQuant found the 3x Metcalfe valuation band, which sits at $83,600 and stands as the next big resistance. This level halted BTC in May and has previously coincided with important cycle turning points.If taken down, there’s one more at $88,700, which is the trader realized-price upper band. History shows that selling has intensified once the cryptocurrency approaches this line because active traders begin sitting on increasingly large unrealized profits.<h2 id="539k-btc">539K BTC</h2>CryptoQuant noted that the most immediate problem is considerably closer as long-term holders sold as much as 539,000 units between $77,100 and $80,200 throughout the year, creating what the analysts described as the heaviest nearby on-chain supply wall.Bitcoin would need to absorb this supply before making another convincing attempt north, while the downside is better defined. The 200-day MA around $70,000 represents the first major technical support, followed by another substantial on-chain cluster between $62,000 and $65,000, where approximately 476,000 BTC were accumulated this year.Overall, CQ’s analysts are still bullish on BTC, but under one critical condition: the asset must clear $81,700 soon, then $83,600, and eventually $88,700 before the recovery can develop into a more profound rally.The post <a href="https://cryptopotato.com/bitcoins-24-rally-hit-a-wall-cryptoquant-reveals-what-comes-next/" rel="noopener noreferrer nofollow">Bitcoin’s 24% Rally Hit a Wall: CryptoQuant Reveals What Comes Next</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin’s 24% Rally Hit a Wall: CryptoQuant Reveals What Comes Next

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