Analysis: Bitcoin's push toward $100,000 stalls as investors sell into strength, creating overhead pressure

Odaily report: Bitcoin's summer rally has gradually faded, with the price now falling back to around $80,000 as investors face persistent selling pressure in its attempt to breach the $100,000 mark. Investors who bought Bitcoin over the past two years have cost bases concentrated at $87,000 and above, and the relief-driven selling pressure near that level has already capped Bitcoin's rebound twice this year, with prices subsequently experiencing drawdowns of at least 25% both times. In addition, the average cost basis for Bitcoin ETF holders is approximately $81,500; if the price continues to close below that level, it could mean that average ETF holders have shifted into unrealized losses, weakening recent on-chain support.

Macro factors are also weighing on Bitcoin. AI-related stocks have shown weakness this month, and analysts believe Bitcoin remains highly correlated with tech stock movements. Concerns over AI valuations and debt risks are pressuring Bitcoin, and the market has yet to confirm the start of a new bull cycle. Future price action will continue to depend on the macroeconomic environment and sustained buying activity. (Bloomberg)