Bitcoin Hits Resistance Near $80K as Short-Term Sellers Emerge
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Bitcoin's recent rally to an intraday high of $79,485 on April 22 was met with strong resistance as short-term buyers rushed to exit near breakeven, according to on-chain data. Glassnode notes that BTC has reclaimed the True Market Mean at $78,100, but the $80,000 level acts as a behavioral tripwire, with recent purchasers eager to lock in profits or minimize losses. This selling pressure is creating a formidable ceiling, preventing a decisive breakout. The broader risk-on sentiment, buoyed by a ceasefire-driven relief rally, has provided a tailwind, but the immediate supply overhang suggests consolidation or a pullback may be needed before Bitcoin can sustainably clear $80,000. Traders should monitor volume and order book depth for signs of absorption or exhaustion.
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