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

Bitcoin's surge towards $75,000 is encountering significant selling pressure, 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 a key cost-basis level for short-term holders, supply is emerging more aggressively. On-chain data from CryptoQuant suggests that around $76,800, the realized price for recent buyers, has historically acted as resistance, with investors using rallies to exit at breakeven. This level previously capped the January bounce, and CryptoQuant notes that bitcoin exchange inflows have spiked, indicating that larger holders are driving the move and potentially positioning to reduce their exposure.