Bitcoin Hits ‘Wall Of Resistance,’ CryptoQuant Research Head Warns
Bitcoin’s latest rally has run into a major technical and on-chain resistance zone, with CryptoQuant research head Julio Moreno warning that several indicators now point to elevated correction risk after a sharp rebound from April lows. Moreno said CryptoQuant had been flagging a potential pullback for weeks, citing high unrealized profits, a spike in profit-taking across spot and futures markets, slowing US spot demand, and resistance from both technical and on-chain price levels. The firm’s latest analysis frames Bitcoin’s move toward the 200-day moving average as a critical test for whether the rally has durable support or resembles a bear-market rebound running out of momentum. Why The Bitcoin Correction Risk Is Rising “Bitcoin has reached a major bear market resistance level, the 200-day moving average at $82.4K, following a 37% price rally from the April lows. The parallel with March 2022 is direct: in that cycle, Bitcoin also rallied 43% before hitting the 200-day MA, after whic