Bitcoin traded near 76.808 $, hovering just below a key on-chain threshold that analytics firm CryptoQuant identifies as a potential bull market trigger. According to CryptoQuant data, the leading cryptocurrency sat roughly 4,900 $ below the 81,700 $ mark during a two-week market rally, as short-term whale profit-taking and a lack of US institutional buying kept momentum constrained.
The price of Bitcoin (BTC) moved down 0,2 % over a 24-hour window, resting around the 76.808 $ threshold. CryptoQuant analysts designate the 81,700 $ level—representing the average closing price over the trailing year—as the primary line in the sand for sustained macro momentum.
## Whale Distribution Meets Retail Optimism
CryptoQuant metrics indicate that the exchange whale ratio sat at 0,93, a reading that flags elevated coin transfers to trading platforms from large-holder wallets. Because exchanges serve as the primary venues for liquidating holdings, this hourly metric pointed to localized profit-taking among heavy investors.
At the same time, retail sentiment leaned firmly positive. The CryptoQuant Fear and Greed Index registered a score of 66, signaling market greed. Furthermore, the taker buy/sell ratio hit 1,12, reflecting an appetite among active traders to pay up for leveraged upside exposure.
US institutional investors remained largely sidelined during the push. A negative Coinbase Premium showed that Bitcoin traded at a discount on the major US-based exchange relative to international platforms, demonstrating a distinct absence of American fund participation.
“With Price Momentum already exhausted at level 20 and the FEI Score locked in a zone of absolute noise (99.53%), the stage is set for a Long Squeeze,” said CryptoQuant analyst GugaOnChain.
Market mechanics dictate that a long squeeze forces leveraged speculators to unwind bullish positions, often accelerating downward price corrections.
## Resistance Zones and Long-Term Holder Supply
A dense supply wall continues to sit between current valuations and a confirmed bull run. CryptoQuant’s market reporting identifies immediate resistance spanning from 77.100 $ to 80.200 $, a band heavily utilized by secondary sellers. Long-term investors who accumulated coins months prior released up to 539,000 BTC into this exact range over the course of the year.
“The upper band marks where trader profit-taking has historically emerged,” said CryptoQuant analyst Moreno.
CryptoQuant previously outlined a strict weekly close above 81,700 $ as a prerequisite for entering a sustained bull cycle. While Bitcoin tested higher territory, it failed to secure a weekly close above that benchmark. Additional technical resistance levels sit higher up at 83.600 $ and 88.700 $.
On the downside, established support rests at 70.000 $, followed by a deeper accumulation zone between 62.000 $ and 65.000 $ where approximately 476,000 BTC changed hands earlier in the year.