Bitcoin Edges Towards Resistance Zone Amid Light Selling Pressure

Bitcoin has been steadily climbing towards its resistance zone at $83,000 to $86,000, fueled by a strong rally over the past 21 trading days. This period saw Bitcoin rise by 23%, outperforming major stock markets such as the S&P 500 and Nasdaq 100.

Despite this, the selling pressure is relatively light compared to previous periods, with the seven-day average of the seller risk ratio dropping to 7 basis points per day. This is less than half of what was seen in August, when it reached a high of 16 basis points.

The cost basis distribution of long-term holders indicates that this resistance zone is significant, as approximately 1.07 million BTC were purchased between $83,000 and $86,000. The market has rebuilt a floor just below the current spot price, while the ceiling remains untouched.