Bitcoin Surges but Faces Supply Headwinds

Bitcoin kicked off the new year on a solid footing. The price action has been constructive, with the asset printing consecutive higher highs and pushing into the $98k region. But here's the catch—this rally is now bumping directly into a historically meaningful supply zone.

This technical resistance level has been a significant barrier in past cycles. Whether Bitcoin can break through or pulls back from here will be crucial for the near-term narrative. The on-chain data tells a fascinating story: we're seeing accumulation patterns, but the supply overhang remains substantial.