"Bitcoin's advance toward the mid-$70,000 range is encountering mounting resistance, as steady institutional demand runs into a wave of supply from large holders. The cryptocurrency has climbed from around $71,000 to the mid-$70,000s in recent weeks, supported largely by inflows into U.S.-listed spot exchange-traded funds."
"On-chain data indicates that large investors, often referred to as whales, accumulated roughly 270,000 BTC over the past 30 days, marking the most aggressive buying streak since 2013. At the same time, exchange reserves have fallen to their lowest levels since late 2017, suggesting a tightening supply environment."
"Around $76,800 sits the realized price for short-term holders, a metric that reflects the average cost basis of recent buyers. This level often acts as a trigger point where traders look to exit positions near breakeven."
Bitcoin is approaching $75,000, supported by significant ETF inflows, but is encountering increased selling pressure. Institutional demand remains steady, with daily inflows ranging from $200 million to $470 million. Whales have accumulated 270,000 BTC in the last month, while exchange reserves are at their lowest since 2017. However, as prices near $76,800, selling pressure is intensifying, indicating potential pullbacks unless institutional demand can absorb the supply.
Read at news.bitcoin.com
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