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Bitcoin could face strong selling pressure in the $80,000-$82,000 range, according to a CoinDesk analysis.
Citing Glassnode, CoinDesk said about 8% of total BTC supply last moved in that price band, with roughly 5% concentrated at $80,000 alone. Investors who bought BTC in that range may sell once the price returns to break-even, which could cap further gains. The average cost basis for investors in U.S. spot BTC ETFs is also around $80,000-$82,000, CoinDesk said.