Bitcoin Faces Resistance at Key Level as Large Holders Prepare to Sell

Bitcoin's surge toward $75,000 is encountering significant supply pressure, even as institutional demand remains steady. The recent price increase has been driven primarily by macroeconomic flows rather than speculative activity, with US-listed spot bitcoin ETFs experiencing consistent inflows. However, as bitcoin approaches a key cost-basis level for short-term holders, around $76,800, supply is beginning to emerge more aggressively. This level has historically acted as resistance, with investors using rallies to exit at breakeven. On-chain data suggests that large holders are driving the move, with exchange inflows spiking and the average deposit size rising. This sets up a two-sided market, with ETF flows and macro tailwinds providing demand, while large holders appear to be reducing exposure. The outcome depends on whether new holders will prove more resilient than those exiting, with the market potentially moving higher on inflows but struggling to sustain gains as supply builds.