Bitcoin Faces $47B Supply Test Before Potential $80K Breakout

Bitcoin's price has reached a critical juncture as it approaches $80,000. According to Glassnode, 68% of circulating supply is now in profit at current prices, up from 65% in May. This translates to an additional 600,000 BTC worth approximately $47 billion that could be sold for a gain before Bitcoin reaches its next major resistance band.

The accumulation during the summer has built a floor and overhang simultaneously, with short-term holder cost basis now sitting near $71,000. Buyers who accumulated during this period are already profitable at today's price, well before Bitcoin revisits its highs.

However, as Glassnode's latest report highlights, there are two distinct seller types that need to be absorbed by fresh demand: newly profitable buyers near current prices and patient long-term holders approaching breakeven higher up. The $83,000-$86,000 zone holds approximately 1.05 million BTC belonging to holders who sat through the entire drawdown without selling.