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Bitcoin tests $80,000 breakout as 880,000 BTC stuck near breakeven
Around 880,000 BTC sit in a narrow $77,500 to $80,300 cost-basis band, representing about $68 billion of supply that can swing between profit and loss as price moves.
Bitcoin is repeatedly failing to reclaim and hold above the $80,000 level, as it tests a large on-chain “breakeven wall” that has stalled prior recoveries, according to CryptoSlate. The outlet cited Bitfinex Alpha data showing roughly 880,000 BTC with a cost basis between about $77,500 and $80,300.
CryptoSlate said Bitcoin was trading near $77,890 as of press time after spending much of the past week below $80,000. It linked the tight clustering of holders near their original entry prices to the potential for even modest moves to shift tens of billions of dollars worth of Bitcoin between profit and loss.
The outlet noted that Bitcoin long-term holder activity, measured by the Spent Output Profit Ratio or SOPR, has hovered around 1 for nine straight sessions, with readings between 0.88 and 1.19 and a latest level near 0.98. CryptoSlate said an SOPR around 1 indicates coins being moved at about the price they were acquired, attributing the activity mainly to investors who accumulated Bitcoin in February and March.
CryptoSlate also pointed to changes in the share of supply in profit, saying Bitcoin closed at $80,256 on Aug. 27 when 72.1% of supply was in profit, before falling to a $77,468 close several days later with 67.7% in profit. It said the gap implies about 880,000 BTC lie in a roughly $2,800 cost-basis window around the market, and that the selling seen so far has been absorbed while demand tests whether the zone can be cleared.
Latest closeBitcoin $77,603.86 ▲0.4%