Bitcoin Faces Supply Wall as Rally Reaches Key Resistance Level

Bitcoin's surge towards $75,000 is encountering significant resistance due to a surge in supply, even as institutional investment remains steady. The recent price increase has been driven primarily by macroeconomic factors rather than speculative activity, with US-listed spot bitcoin ETFs experiencing consistent inflows. However, as bitcoin approaches the $76,800 mark, a key cost-basis level for short-term holders, supply is emerging more aggressively. This level has historically acted as a resistance point, with investors who were previously at a loss using rallies to exit at breakeven. CryptoQuant data reveals that bitcoin exchange inflows have spiked, with larger holders driving the move, which could lead to increased distribution pressure and a potential pullback towards the low-$70,000s.