Bitcoin: 7.8M BTC Held at Loss at $76.7k

Bitcoin faces heavy supply pressure as more than 7.8 million BTC sit at a loss near $76.7k, according to fresh Glassnode data.

The overhang from buyers who entered near cycle highs continues to act as a structural drag that markets must digest before any durable advance can take hold.

Price action on the 4h chart shows BTC trading at $76911.17 below both the EMA50 at $79133.29 and the EMA200 at $77380.46, confirming the bearish trend structure. With the MACD printing a clear death cross at -766.74 and RSI at 32.78 sitting in neutral territory, the market lacks immediate bullish momentum. Price remains inside the Bollinger Bands, testing toward the lower support at $76422.49 while upper resistance sits at $80086.27; a confluence of these levels suggests any short-term bounce will likely stall before challenging the 50-EMA resistance.