Bitcoin has broken above $76,000, raising investor expectations, but analysis suggests it is too early to say the market has entered a full-fledged bull run.

Cointelegraph reported on March 19 that Glassnode said Bitcoin has entered a low-resistance zone between $72,000 and $82,000. It said this means investors accumulated BTC in that range. But it said market profitability needs to rise further to confirm a bull market. About 60 percent of Bitcoin supply is currently in profit, which it said is consistent with an early-stage recovery.

It also said profit-taking by short-term holders surged after Bitcoin broke above $74,000, triggering hourly selling worth $18.4 million. The pattern is similar to past failed rallies, and it said the likelihood of further gains into the $78,000 to $82,000 range rises if BTC holds above $70,000.

Caution is also needed from a technical analysis perspective. BTC is still maintaining a pattern of lower highs and lower lows. Breaking that would require strong upside momentum above $97,855. That level aligns with the Fibonacci retracement "golden zone". It said a long-term bull market is more likely to be confirmed if BTC breaks above it and then sees a stable pullback.

CryptoQuant's cycle indicator also offered a cautious assessment. Bitcoin's bull-bear cycle indicator currently stands at -0.72, improving from -1 in early March, but it is not enough to confirm a shift into a bull market. It said the indicator would need to rise to at least +1 to confirm a bull market, and breaking above the 365-day moving average would also be an important signal.

Investors are looking for further gains in Bitcoin, but uncertainty remains high in the market. If BTC fails to break above $97,855, the uptrend could be limited. Analysis suggesting stronger technical signals are needed for a shift into a bull market is dominant.