Bitcoin Faces Resistance At $65K Amid Surge To $63K

Bitcoin has surged back to the $63,000 mark today, yet the largest cryptocurrency continues to face resistance as it attempts to climb higher.

A key factor contributing to this struggle is the significant number of Bitcoin holders who purchased their assets between the current price and approximately $65,000. 

You may have noticed Bitcoin facing repeated rejections as it attempts to move higher.

Here's why: 3.5 million addresses acquired Bitcoin between the current price and ~$65k, and they are currently holding at a loss.

In this uncertain market, these addresses generate… pic.twitter.com/cCGmZv2MHu

— IntoTheBlock (@intotheblock) May 14, 2024

These 3.5 million addresses are currently holding at a loss, creating substantial selling pressure as they reach their break-even point. For Bitcoin to achieve a true breakout, it must overcome this resistance at $65,000.

Adding to the complexity of the market, the US Government has become a notable holder of Bitcoin, now possessing around 1% of the total supply. This accumulation is largely due to the seizures of Bitcoin from incidents such as the Silk Road and Bitfinex hacks. 

The US Government has emerged as a significant holder of #Bitcoin, with holdings now representing around 1% of the total supply. This accumulation primarily stems from the seizures of Bitcoin from Silk Road and Bitfinex hacks. Despite legal complexities, the government's cautious… pic.twitter.com/0GRUAK5NJG

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