Bitcoin registered a 24% rally, moving from under $65,000 to over $82,000 within a few weeks, before being rejected to the downside. CryptoQuant identifies the 365-day moving average, currently at $81,700, as the crucial level to break to confirm a new bullish phase, while the 3x Metcalfe valuation band at $83,600 represents the next major resistance. Long-term holders sold 539,000 BTC between $77,100 and $80,200, creating a particularly dense on-chain supply wall to absorb before any new attempt at upside. On the support side, the 200-day MA around $70,000 constitutes the first major technical support, followed by an on-chain cluster between $62,000 and $65,000 where approximately 476,000 BTC were accumulated this year. CryptoQuant’s analysts remain bullish on BTC provided it successfully clears the $81,700, $83,600, and $88,700 levels in succession.
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