Bitcoin Reaches Key Resistance Level as Large Holders Prepare to Sell

The bitcoin rally towards $75,000 is encountering significant resistance 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, including a $240 million injection following Middle East geopolitical tensions. However, as bitcoin approaches a key cost-basis level for short-term holders, supply is emerging more aggressively. According to CryptoQuant, the realized price for recent buyers is around $76,800, a level that has historically acted as resistance. This has led to a spike in bitcoin exchange inflows, with the average deposit size increasing, suggesting that larger holders are driving the move. The resulting two-sided market, with ETF flows providing demand and large holders reducing exposure, sets up a scenario where the market may struggle to sustain gains once supply builds, potentially leading to a pullback towards the low-$70,000s.