The cryptocurrency market has been under the influence of a downward trend since the end of 2021, and Bitcoin is facing significant resistance.
According to analysts at CryptoQuant, a famous cryptocurrency analysis firm, Bitcoin needs to surpass a very important level to start a bull run.
According to analysts, Bitcoin is struggling with long-term resistance formed by the 2021-2022 bear market bottom between $29,808 and $35,078. Analysts consider this resistance to be the last hurdle before the start of a bull rally from a technical analysis perspective.
Simultaneously, Bitcoin's long-term resistance parallels supply in the 65.95-76.31 (%) profit range. According to analysts, this correlation further confirms the analysis mentioned above. The in-profit supply seen from January 2023 to date looks more like an early bull top and a high-profit run.
Interestingly, the supply movement in profit is conceptually similar to the January-May 2012 and October 2015-May 2016 periods. According to analysts, conflicting or uncertain price movements are likely to continue until BTC successfully overcomes the 65.95-76.31 resistance range.
On a positive note, these indicators may indicate a phase of reaccumulation, according to analysts. Analysts note that this phase usually precedes a bull run and could signal an impending increase in Bitcoin's value.
*This is not investment advice.