Bitcoin Support Weakens Under $78,000 as Cost Basis Clusters Rise

Bitcoin is approaching the $80,000 price level again, with key support identified between $80,920 and $78,000. On-chain data indicates a thinning support at $78,000 due to minimal cost basis clusters.

Support Levels

Bitcoin experienced a crash to below $77,000 on March 10-11 before recovering to $88,500.
Traders acquired approximately 15,000 BTC at the March low but sold at around $87,000, creating a reduced buffer zone for support.
Current strong support levels are between $80,920 and $84,100, with 20,000 BTC bought at $80,920, 50,000 BTC at $82,090, and 40,000 BTC at $84,100.
Bitcoin is trading at $83,120, losing support around $84,100; attention shifts to $82,090 and $80,920.
If the price declines further, structural support may be found at $74,000 and $71,000 where significant long-term buying occurred.

Resistance Near $95,000

A resistance level is forming near $95,000, with 12,000 BTC added since March 24.
This suggests potential selling if prices approach this resistance, possibly constraining Bitcoin's movement within a narrow range.
Long-term holders have been taking profits, while short-term traders face losses.