Bitcoin is facing a supply wall of 880,000 BTC representing approximately $68 billion, with cost basis concentrated between $77,500 and $80,300. This concentration of holders near their entry points creates selling pressure that the market must absorb to push past the $80,000 level. Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30, bringing its holdings to 845,050 BTC at an average price of $80,318, but this corporate demand is not enough to offset the pullback in US spot Bitcoin ETF buying. The options market shows a put-call ratio of 1.0 for the Sept. 11 expiry compared to 0.56 for the broader market, reflecting demand for protection against a break below current levels. A close above $82,818 would confirm absorption of this resistance zone, while a break below $76,657 could expose support at $73,500.
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