Bitcoin Tests $80K Resistance as Short-Term Holder Profitability Approaches
- Bitcoin (BTC) reached a three-month high of $80,500 on Monday, marking the first test of this level since January.
- The cost basis for short-term holders is currently at $81,486, indicating a potential resistance point for further price movement.
- The spent-output profit ratio (SOPR) increased to 1.097 from 0.99, suggesting that coins are being spent at a profit again.
- Recent data shows that around 97.2% of BTC deposits came from short-term holders, with wallets holding between 1 to 1,000 BTC contributing about 58% of those deposits.
- Exchange reserves increased by over 5,700 BTC week-over-week to approximately 2,685,541 BTC before slightly declining.
The current dynamics indicate that Bitcoin’s price must close above $81,500 for short-term holders to return to profitability and reduce sell-side pressure. Meanwhile, maintaining support above $80K is crucial for sustaining upward momentum toward the next target near $84K.
As Bitcoin approaches critical resistance levels with short-term holder losses narrowing to -2.17%, the market remains poised for potential upward movement if key support levels hold firm.(Source)
