Bitcoin , while it's slightly in the green may be in for a shock. The largest cryptocurrency has gained less than 0.5% since midnight UTC, and strong moves toward $80,000 are likely to run into opposition.

That's because short-term holders have a cost basis around that price, Luke Deans, a senior research associate at Bitwise, told CoinDesk. A move above may convince them to take profits and sell, capping any advance.

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