Bitcoin Stalls at $77,000 Amid Bullish Momentum
Bitcoin's recent price surge has stalled at around $77,000 after a 24% gain over two weeks. According to CryptoQuant, the momentum remains bullish, but it needs confirmation from a specific threshold: $81,700.
This level is significant because it represents Bitcoin's 365-day moving average and marks a major technical resistance. Julio Moreno, head of research at CryptoQuant, notes that this zone has historically been where long-term holders sell their coins, with up to 539,000 BTC sold over the past month.
Before reaching $81,700, the market must absorb this significant concentration of supply. Beyond this level, two new resistances await Bitcoin: at $83,600 and $88,700. The latter is particularly notable as it marks a zone where traders' profit-taking has historically appeared.