Bitcoin rebound stalls near $82,500 amid 880,000 BTC supply zone

  • Bitcoin rebounded from $76,000, broke above $79,000 and is now testing resistance near $82,500.
  • About 880,000 BTC worth $68 billion is concentrated between $77,500 and $80,300.
  • Two daily closes above $82,818 would indicate the supply zone has been absorbed, while traders cited by Garrett Jin target $85,000 for profit-taking.

Bitcoin’s rebound from $76,000 has stalled near $82,500 as it tests a low-$80,000 resistance cluster containing previous highs, long-term-holder and ETF investor cost bases, and highs from the past six months, Jamie Coutts, a crypto market analyst at Real Vision, said on X. Separately, 880,000 BTC worth about $68 billion is concentrated between $77,500 and $80,300, potentially adding selling pressure from long-term holders. Garrett Jin, an agent for the "1011 Insider Whale," said traders who waited for $75,000 missed the rebound and are now targeting $85,000 for profit-taking. Bitcoin’s long-term-holder SOPR has remained around one, indicating positions are being closed near break-even. Two daily closes above $82,818 would indicate that the supply zone has been absorbed, while Coutts said current price action is confirming a market trend reversal.

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