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Bitcoin trades at $76,408, having failed to break the $80,000 level three times since late August. The asset is currently positioned below key resistance lines, with a fourth rejection risking a decline to $74,000.
The primary obstacle is a significant concentration of supply from long-term holders. According to on-chain data, 539,000 Bitcoin moved from long-term holders between $77,100 and $80,200 during a 30-day period in 2026.
This represents the year's largest concentration of profit-taking, creating a supply wall that new buyers must absorb before the price can rise further.
Additionally, the 365-day moving average acts as a secondary barrier at $81,700. Bitcoin has remained below this one-year trend benchmark since June. Macro conditions have complicated recent attempts to break higher.
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