Bitcoin's $80,000 Ceiling Remains Elusive Amid Supply Wall

Bitcoin has been stuck below $80,000 for weeks, and it's not just about price. According to CryptoQuant, long-term holders have unloaded 539,000 Bitcoin between $77,100 and $80,200 in a single 30-day window this year.

This 'supply wall' makes it difficult for the cryptocurrency to break above $80,000. The buyers who took those coins carry a cost basis inside the band, so they want out at breakeven once the trade turns against them.

Bitcoin has failed to hold above $80,000 three times since late August. The distance between $77,400 and $80,000 is not the obstacle, as it covered 3.4% on August 25 alone from its high to its close.

To clear the wall, fresh demand needs to absorb the remaining offers. This would likely come from spot ETF inflows or a corporate treasury buyer, but neither has appeared in size yet. A close above $81,700 would clear the wall and the 365-day moving average, which CryptoQuant calls the bull-market confirmation.

Until then, Bitcoin stays under $80,000 because the coins sold into the band rest with owners who have no reason to hold above their cost.