Bitcoin cannot break out past $80,000 until it devours an 880k BTC roadblock that choked every rally

Bitcoin is testing a roughly $68 billion breakeven wall that has repeatedly stalled its push back above $80,000.About 880,000 BTC carry a cost basis between roughly $77,500 and $80,300, leaving a large group of holders close to where they originally bought, Bitfinex Alpha data shows.Data from CryptoSlate shows Bitcoin trading near $77,890 as of press time after spending much of the past week trapped below $80,000.The concentration means even modest price moves can shift tens of billions of dollars in Bitcoin between profit and loss, potentially releasing supply from investors who endured months underwater.So far, that selling has been absorbed, setting up a test of whether fresh demand can clear the zone or whether the recovery stalls near current levels.Older buyers are using the rally to get out near costThe behavior of long-term holders suggests some investors are already taking advantage of the recovery to exit positions without realizing significant losses.Bitcoin's long-term holder Spent Output Profit Ratio, or SOPR, has moved around 1 for nine consecutive sessions, with readings between 0.88 and 1.19 and a latest level near 0.98, Bitfinex said. A reading around 1 indicates c...