Bitcoin may need to clear 880,000 BTC supply zone to break above $80K

Bitcoin’s near-term direction hinges on how quickly it can absorb an 880,000 BTC supply zone concentrated between $77,500 and $80,300, CryptoSlate reported, citing Bitfinex Alpha data. The outlet said the holdings are worth about $68 billion and could increase selling pressure from long-term holders in that price range. It added Bitcoin’s long-term holder SOPR has recently hovered around one, suggesting those investors are closing positions around break-even. Two daily closes above $82,818 would signal the current supply zone has been absorbed, according to the report.