Bitcoin stalls at $77,000; CryptoQuant eyes $81,700 for bull market confirmation

Bitcoin is struggling to maintain momentum near $77,000 despite a 24% rebound over the past two weeks. CryptoQuant research head Julio Moreno identified a significant supply wall between $77,100 and $80,200, where long-term holders previously sold approximately 539,000 BTC. Moreno stated that a decisive close above the 365-day moving average of $81,700 is required to confirm a new bull market phase. Additionally, institutional demand has cooled, with U.S. spot Bitcoin ETFs recording a net outflow of approximately $463 million over four trading days this week. While the overall structure remains positive, Bitcoin must clear these supply levels to avoid further range-bound volatility, with $70,000 serving as a key technical support level.