Analysis: Bitcoin stalls at $100,000 as investors sell into strength, creating overhead pressure

TechFlow reported on Oct. 28, citing Bloomberg, that Bitcoin's summer rally has gradually faded, with the price retreating to around $80,000, as investors face persistent selling pressure while attempting to break through the $100,000 level. The cost basis of investors who bought Bitcoin over the past two years is concentrated at $87,000 and above, and selling pressure from breakeven positions near that level has capped Bitcoin's rallies twice this year, followed by declines of at least 25%. In addition, the average cost basis of Bitcoin ETF holders is approximately $81,500; if the price remains below that level, it may indicate that average ETF holders have moved into unrealized losses, weakening recent on-chain support.

In addition, macro factors are also weighing on Bitcoin. AI-related stocks have performed weakly this month, and analysts believe Bitcoin remains highly correlated with tech stocks; concerns over AI valuations and debt risks are putting pressure on Bitcoin. The market has yet to confirm the start of a new bull run, and future price action will continue to depend on the macro environment and sustained buying demand.

Source: TechFlow