Bitcoin has faced selling pressure since late October, analyst says

Bitcoin has remained in a seller-dominated market since late October, crypto analyst Woo Min-kyu said in a CryptoQuant contribution. Woo said selling pressure dominated during the January downturn, while buying pressure prevailed during the August rally. Based on on-chain acquisition prices, investors who bought BTC one to three months ago have an average cost basis of about $79,300, roughly 5.7% above Bitcoin’s Nov. 8 closing price of $74,800. That suggests most recent buyers are sitting on losses. Woo said those holders could sell as soon as they break even, making the area around $79,300 a strong resistance level. Woo added that BTC traded below the average cost basis of short-term holders for months during February to April and June to August this year before rebounding sharply later.