Bitcoin price reached a three-month high of around $80,500, with the critical next hurdle near $81,500 - $81,486, which is the short-term cost basis for holders.

The market is experiencing a shift in blockchain dynamics: short-term holder losses have decreased, and coins are increasingly moving toward profit, while long-term holders remain hesitant to distribute.
On-chain metrics indicate a decrease in excess supply: the SOPR index has risen above 1, suggesting coins are being traded at a profit, led by long-term holders.
Outflows and reserve flows reveal mixed pressures: inbound flows remain concentrated among smaller wallets, while exchange reserves have increased to approximately 2.685 million Bitcoin, indicating potential risks to supply if demand declines.
Short-term trader perspectives emphasize liquidity near the breakout zone, with key levels ranging from $79,600 to $84,000 as next target ranges depending on price movement and momentum.