What does on-chain data tell us from $80k to the next step?

Setting aside macro factors, returning to on-chain data. Currently, Bitcoin's turnover rate around $80,000 is increasing, and the short-term holder cost basis is moving upward to this range. This is a technical "cost consensus zone," which usually indicates that a directional decision is approaching. Exchange balances continue to decline, indicating that the willingness to withdraw and hoard coins remains, and medium- to long-term holders are not panicking. However, miner position changes are worth noting: after high oil prices drive up electricity costs, some older mining machines may be forced to shut down and sell off, creating potential selling pressure. Overall, while the on-chain structure has support, if macro conditions do not resonate, relying solely on on-chain confidence, the tug-of-war around the $80,000 mark could be very prolonged.