On-chain analytics firm CryptoQuant noted that Bitcoin has entered the early stages of a new bull market after rising over 25% since early last week, but still needs a closing price above its 365-day moving average (currently near $83,000) for "official" confirmation. Julio Moreno, head of research at the firm, stated in a Tuesday report that the historical "official" entry into a bull market for Bitcoin prices is marked by a break above the 365-day moving average. Currently, Bitcoin's closing price is $79,000, which is about 5% below the 365-day moving average (which is currently $83,100).