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

Bitcoin's impressive recovery that started in mid-August ran into trouble. The question is what's next? 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. Which Level Decides BTC’s Fate? 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 rejected 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, bitco...