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

The bitcoin rally towards $75,000 is facing significant supply pressure, even as institutional demand remains steady. The recent price increase has been primarily driven by macro flows rather than speculative activity, with U.S.-listed spot bitcoin ETFs attracting consistent inflows, including a $240 million injection following Middle East geopolitical tensions. However, on-chain data suggests that supply is emerging more aggressively as prices approach a key cost-basis level for short-term holders, around $76,800, which has historically acted as resistance. CryptoQuant notes that bitcoin exchange inflows have spiked, with larger holders driving the move, setting up a two-sided market where ETF flows and macro tailwinds provide demand, while large holders reduce exposure, feeding liquidity into the market as prices approach the breakeven zone. This dynamic creates a market that can move higher quickly on inflows but struggles to sustain gains once supply builds, making a sustained break above the mid-$70,000s dependent on demand absorbing growing sell pressure.