Bitcoin’s On-Chain Holding Cost Analysis: Key Resistance at $96,000 Amid Selling Pressure

In a recent report dated March 3rd, COINOTAG has highlighted new insights from IntoTheBlock regarding **Bitcoin’s** on-chain holding cost distribution. The analysis indicates that Bitcoin faces a significant resistance level at around **$96,000**. Currently, approximately **1.66 million BTC** is reported to be underwater, which suggests these holdings are below their purchase price. This economic dynamic may incite fear among investors, prompting them to consider selling at breakeven prices. Such actions could potentially create **upward pressure** on Bitcoin’s price in the short term. The interplay between fear and market psychology remains a critical factor influencing trading decisions, as holders navigate the challenges of fluctuating market conditions.