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

Bitcoin's surge towards $75,000 is encountering significant resistance as institutional demand remains steady. The recent price increase has been driven by macroeconomic factors 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 the $76,800 level, the market dynamics are shifting. On-chain data reveals that supply is emerging more aggressively, with this level acting as a key cost-basis for short-term holders. CryptoQuant notes that this level has historically served as resistance, with investors using rallies to exit at breakeven. Bitcoin exchange inflows have spiked, and the average deposit size has increased, indicating that larger holders are driving the move. This sets up a two-sided market, with ETF flows and macro tailwinds providing demand, while large holders appear to be reducing exposure, feeding liquidity into the market as prices approach the breakeven zone. The outcome depends on whether new holders will hold onto their coins, and the market may struggle to sustain gains as supply builds.