Bitcoin must break above its 365-day moving average at $81,700 to confirm the start of a new bull market, according to a latest CryptoQuant analysis. The level has historically been used multiple times to confirm the formal start of bullish cycles. Bitcoin faces several resistance levels, including a dense supply zone between $77,100 and $80,200, where long-term holders sold about 539,000 BTC over the past 30 days. Additional resistance sits at $83,600, based on the 3x Metcalfe model, and $88,700, the upper band of the trader realized price model, which is typically associated with profit-taking. Support stands at the 200-day moving average near $70,000, while long-term holders accumulated about 476,000 BTC in the $62,000-$65,000 range this year. Bitcoin is currently trading near $77,000 after its 24% rally over the previous two weeks stalled.