According to the latest on-chain data, an interesting finding about the short-term holder cost basis distribution of Bitcoin—price is stuck in the $80,000 to $95,000 range, and the problem lies above.

What exactly is going on? This price band has accumulated a large volume of historical transactions, creating a clear supply pressure. Every time there is a rebound attempt to break upward, these potential sell orders are waiting there, causing the price to repeatedly face resistance. The heatmap data clearly shows that the concentrated supply above creates real resistance to the recent buying interest.

However, it is worth noting that after the recent pullback, buying interest below continues to increase. In other words, although there is short-term pressure, the enthusiasm for long positions in the market has not significantly waned. The key variable is whether the demand above $80,000 can continue to accumulate—if the buying power is sufficiently concentrated, this supply barrier might be broken through.