If you think Bitcoin is going to cruise past $83,000 to $88,000 with no reaction you are fooling yourself.

This zone has more sell pressure stacked against it than any level on the chart right now.

Draw the Fibonacci retracement from the $97K high to the $60K low, the complete impulsive wave down. Look where the key levels fall:

0.618 Fib: $83,435

0.65 Fib: $84,647

0.786 Fib: $89,797

And this zone is one of the biggest untested resistances on the weekly chart. Untested flips like this are where the heaviest sell pressure sits because every buyer from that level is underwater and waiting to get out at breakeven.

The average cost basis of all US spot Bitcoin ETF holders is $87,830. Every single ETF buyer from the last two years is underwater right now. When price touches $87K-$88K those investors will see breakeven for the first time in months and they will sell because they have been in pain since October.

The short term holder cost basis sits at $80,100. Every time Bitcoin pushed above the cost basis of short term holders, it formed a local top because those holders used the rally to exit at breakeven. It already happened twice and broke down. This is the third attempt with the same setup.

So, do yourself a favour and do not buy Bitcoin at $85K just to watch it drop to $40K in few months. If this cycle plays out like every other one, October will give you prices you will not believe you passed on. $BTC