Bitcoin Seeks Breakthrough at $83,000 Resistance Zone Amid Low Selling Pressure

Bitcoin has been pushing against the resistance zone around $83,000 to $86,000, but the selling pressure is at its lowest level of the year.

The cryptocurrency has seen a 23% surge over the past 21 trading days, outperforming major indices like the S&P 500 and Nasdaq.

However, from a yearly perspective, Bitcoin is still down 10%, while the S&P 500 has risen by 13%

The core inflation rate in the US has reached a two-year low of 2.5%, while inflation expectations remain at 3.6%, creating a significant gap that could influence monetary policy decisions.

Long-term holders' cost basis, futures distribution, and ETF profitability lines all point to resistance around $83,000 to $86,000, with the price currently just 1.5% below this range.

The selling pressure has been minimal as Bitcoin approached the resistance zone, with long-term holders not participating in the recent price surge.