Bitcoin Needs to Punch Through $88,700 Before Bull Run Resumes: CryptoQuant
CryptoQuant says Bitcoin's big-picture trend still looks bullish, but a thick wall of sell orders up to $88,700 is blocking the exit.
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Key takeaways
- Bitcoin's broader market structure remains bullish.
- Initial key resistance sits near the $81,700 level.
- A full bull market confirmation requires breaking through bounds up to $88,700.
$88,700. That's the line in the sand. Bitcoin's macro trend still points up, sure, but buyers are staring down a massive wall of overhead supply. Analytics outfit CryptoQuant warned that BTC has to slice through a fat cluster of sell orders running all the way up to $88,700 before any fresh bull phase gets off the ground.
Clearing the Supply Zone
The real test starts at $81,700. Taking back that level shows initial muscle, but don't get cozy. Sellers will be waiting in force across the whole corridor up to $88,700. If Bitcoin can't punch out past that top ceiling, upward momentum is going to stall out fast.
Why it matters
Hold BTC or trade alts? Pay attention to overhead walls. Those heavy sell orders stacked between $81,700 and $88,700 keep a tight lid on overall market mood. A clean break past $88,700 opens the door to size back up into risk assets. Miss it, and you're stuck sitting through more sideways chop.
Source: The Block
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Alex Rivera
Alex covers crypto markets and trading, testing every platform hands-on before writing about it.
