Bitcoin is testing a level that capped its rally in January, CryptoQuant says

What Happened

Bitcoin is testing resistance near $76,800, the average cost basis for recent buyers. U.S. spot bitcoin ETFs continue drawing inflows, including $240 million following Middle East tensions. However, on-chain data shows large holders are increasing sales, with exchange inflows reaching 11,000 BTC hourly. The market reflects long-term holders distributing coins to new ETF buyers. Sustained gains require demand absorption of growing sell pressure.

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