Bitcoin Price Stalls at Key Resistance Zone Amid Cautious Market Tone

Bitcoin's price has been hovering around $77,327 after a 0.1% increase on Sunday but is still down over 3% for the week.

The CryptoQuant analysis firm says that in order to confirm a new bull market, BTC must clear the $81,700 level, which serves as its 365-day moving average.

This resistance zone has historically led to the start of a new bull run when price closes above it.

Julio Moreno, head of research at CryptoQuant, notes that long-term holders sold over 539,000 BTC in the range between $77,100 and $80,200, making it the heaviest supply zone above current prices.