Bitcoin Stuck Between Supply Zone and $81,700 Moving Average
Bitcoin's price is currently hovering around $77,300 this weekend, but a significant concentration of selling between current prices and $80,000 is making it increasingly difficult for BTC to break out.
According to CryptoQuant data cited by FXStreet, long-term holders have sold approximately 539,000 BTC in the range between $77,100 and $80,200, creating a substantial overhead supply zone.
As Bitcoin struggles to reclaim its 365-day moving average near $81,700, crypto analysts are watching this level closely as it may decide the next trend for BTC. Historically, Bitcoin has shown stronger bull-market behavior after reclaiming its 365-day moving average.
The second valuation barrier sits near $83,600, which means bulls may need to clear both levels before a larger recovery becomes convincing. Failure to escape the current supply zone could leave Bitcoin vulnerable to another test of lower support, with the major longer-term level being the 200-day moving average near $70,000.