Bitcoin's Supply Wall: 539K BTC Sold at $77K-$80K in 2024

According to Traders Union's Jordan Kerridge, long-term Bitcoin holders have been selling approximately 539,000 BTC in the $77,000 to $80,000 price range in 2024. This significant selling activity has created a major supply wall, making it challenging for BTC to break and sustain levels above $80,000.

Kerridge suggests that unless this supply is absorbed, $80,000 will continue to act as a key resistance level for Bitcoin.

This selling activity has been significant enough to impact the market, with Kerridge previously reporting that Bitcoin fell below $77,000 earlier in the year, triggering $150 million in long liquidations before a partial rebound.