Bitcoin (BTC) price fluctuations have affected bull traders following recent outflows. The general market downturn has impacted trading volumes in the top crypto assets and altcoins. However, a turning point is on the horizon as bulls rally on key support levels. At the time of writing, Bitcoin’s price had increased by 1% to $84,860 over the past day. Crypto Analyst Flag Bull Signals On-chain data shows Bitcoin’s price slowly gaining momentum after its recent slip below the $85k mark. Crypto trader, Ali Martinez, wrote on X that BTC faces two key moving averages ahead. If broken, the 200-day moving average at $86,200 could mark a significant shift in confidence . The 50-day MA at $88,300 could also be surpassed as short-term holders limit sales. Last month, the crypto market faced a rocky patch that led to crashing prices. Low trader sentiments dominated patterns as seen in inflows to centralized exchanges and short-term trading techniques. Amid fears of a tighter bear market, CryptoQuant analyst Bilal Huseynov explained that a realized Death Cross with present metrics could usher in a downward trend to $75k. On the flip side, the resistance around the moving averages will likely be broken with new transfers to other custodians, signaling long-term holding. Several whales have accumulated Bitcoin alongside similar transfers from retail holders in the last two weeks. Notably, short-term holders only sent 6,300 BTC to Binance. “ The short-term SOPR chart and the UTXO Age Band for holders between 1 to 3 months indicate a decrease in selling pressure by this group. These holders, who form an essential part of short-term investors, appear to show reduced activity in the market after taking profits from their short-term trades of 1-3 months. This can be observed in the decrease in Bitcoin moved by them as well as in the short-term SOPR chart.” CryptoQuant’s researchers added. Wider Market Recovery Ahead? If Bitcoin breaks those key resistance levels, the crypto market will record a bullish swing. The price crash was due to macro events, and with recent positives, altcoin prices look set to gain momentum alongside Bitcoin. Ethereum (ETH) gained 0.5% as bulls ignited toward the $2k level. If the asset beats the mark, it will support institutional investors. XRP’s prospects remain sharp as multiple analysts have backed a drive above $5 amid spot ETF speculations in the United States.
