Bitcoin Price Stalls Near $77,100 Amid Long-Term Holder Resistance

Bitcoin's price has stalled at around $77,100 after a rapid advance from beneath $65,000 in mid-August to above $82,000 within several weeks. The cryptocurrency faces significant resistance from long-term holders who released up to 539,000 BTC during a 30-day period between $77,100 and $80,200.

CryptoQuant's analysis suggests that buyers must clear this supply area before higher resistance levels become relevant. A close above the 365-day moving average at $81,700 would test the Metcalfe band at $83,600 before the trader realized price upper band at $88,700 becomes relevant.

U.S. spot Bitcoin ETFs have posted a fourth straight daily outflow, losing $13.29 million Friday and $462.73 million for the week despite $2.60 billion in trading. In contrast, Ether ETFs collected $216.41 million on Friday, but this does not prove money moved directly out of Bitcoin products.