Cryptoslate analyzed that BTC's short-term direction depends on how quickly it absorbs the supply of 880,000 BTC concentrated in the $77,500-$80,300 range. Citing Bitfinex Alpha data, the media stated, "The volume of this supply is approximately $68 billion, and selling pressure from long-term holders could increase at this price level. Bitcoin long-term holder SOPR has recently been moving around 1, suggesting that they are liquidating their positions at break-even." It added, "If the daily close is above $82,818 twice, it can be seen as a sign that the current supply has been absorbed."
