BTC faces key resistance at $76.8K from short-term holders

Bitcoin (BTC) is facing selling pressure around the $76,800 mark, which is the realized price for short-term holders, CoinDesk reported, citing data from CryptoQuant. According to CryptoQuant, the $76,800 level represents the average purchase price for recent buyers and tends to act as resistance in a bearish market. The analytics firm noted that a rally in January was similarly rejected at this price point. When the price of BTC recently reached the $75,000 to $76,000 range, exchange inflows surged to approximately 11,000 BTC per hour, the highest level since last December. The proportion of exchange deposits from whale investors also expanded from under 10% to over 40%, suggesting significant profit-taking in this zone. CryptoQuant concluded that new demand will be necessary to absorb the sell-offs in the mid-$70,000s for a sustained upward trend.