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

The bitcoin rally towards $75,000 is encountering significant resistance due to a surge in supply, 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, as bitcoin approaches the $76,800 level, on-chain data suggests that supply is emerging more aggressively, with this level representing the average entry point for recent buyers. CryptoQuant notes that this level has historically acted as resistance, as investors who were previously underwater use rallies to exit at breakeven. The same level capped the January bounce before prices reversed towards $60,000. With bitcoin exchange inflows spiking and the average deposit size rising, larger holders appear to be driving the move, setting up a two-sided market with ETF flows and macro tailwinds providing demand, while large holders reduce exposure, feeding liquidity into the market as prices approach the breakeven zone.