Analysis: Bitcoin Hits Resistance at $100,000 as Investors Sell at Highs, Creating Overhead Pressure

on October 28, according to Bloomberg, Bitcoin's upward momentum has gradually faded following its summer rebound, currently pulling back to around $80,000, as investors face sustained selling pressure in their attempts to breach the $100,000 threshold. The cost basis for investors who bought Bitcoin over the past two years is concentrated at $87,000 and above; break-even selling pressure near this level has twice capped Bitcoin's rallies this year, each followed by a retracement of at least 25%. Additionally, the average cost basis for Bitcoin ETF holders is approximately $81,500. If prices continue to close below this level, it may indicate that the average ETF holder has turned to unrealized losses, weakening recent on-chain support.

Moreover, macroeconomic factors are also exerting downward pressure on Bitcoin. AI concept stocks have shown weak performance this month, and analysts believe Bitcoin remains highly correlated with tech stock trends. Concerns over AI valuations and debt risks continue to weigh on Bitcoin. The market has not yet confirmed the launch of a new bull run, and future price action will hinge on the macroeconomic environment and the sustainability of buying pressure.