Bitcoin Price Hits Resistance Amid Growing Selling Pressure

Bitcoin's recent price surge has hit a snag as the market struggles to break through resistance. According to a report from Glassnode, published on Wednesday, Bitcoin (BTC) is facing growing opposition from potential sellers. The report states that the current market price is situated between a major accumulation zone below and a dense concentration of supply above.

The price action seen in recent days has been notable, with BTC climbing above $80,000 on August 27 before encountering sustained selling pressure. This led to a decline towards $76,000, resulting in a series of long liquidations.