Bitcoin Struggles to Break Above $80K as Supply Zone and Institutional Outflows Weigh
Bitcoin is currently trading around $77,300, but the path to breaking above $80,000 has become increasingly difficult. According to CryptoQuant data cited by FXStreet, long-term holders have sold roughly 539,000 BTC between $77,100 and $80,200, creating a substantial overhead supply zone.
Above this range, Bitcoin's 365-day moving average near $81,700 has emerged as the next major technical test. This level is particularly important because Bitcoin has historically shown stronger bull-market behavior after reclaiming its 365-day moving average.
The pressure on Bitcoin is also being felt due to institutional outflows. U.S. spot Bitcoin ETFs lost approximately $449.5 million in net outflows across three sessions, according to Farside Investors. This reversal follows a previous inflow of $905 million just days earlier.