Bitcoin is testing its largest identified supply cluster around $80,000, according to CoinDesk. The level is also close to the average price held by spot Bitcoin ETF investors, placing the area among the market’s key reference points. The test is occurring alongside Bitcoin’s 50-week moving average, another widely watched technical benchmark. CoinDesk’s report highlights the overlap between the supply concentration, the ETF holders’ average entry level and the longer-term moving average. No price outcome was specified in the source material. For Bitcoin market participants, the $80,000 area is therefore being monitored as the cryptocurrency approaches a zone where substantial supply is concentrated and where ETF investors’ average price is nearby.
