[Analysis: Bitcoin's Push to $100,000 Fails as Selling Pressures Exacerbate Upside Risk] According to Bloomberg, Bitcoin's summer rally has gradually subsided, currently hovering around $80,000. Investors are facing continued selling pressure as they attempt to break through the $100,000 mark. Investors who bought Bitcoin over the past two years have a cost basis concentrated at $87,000 and above. This price level, where investors are looking to break even, has twice suppressed Bitcoin's rallies this year, resulting in pullbacks of at least 25% each time. Furthermore, the average cost basis for Bitcoin ETF holders is approximately $81,500. If the price continues to close below this level, it could mean that ETF holders are facing unrealized losses, weakening recent on-chain support. In addition, macroeconomic factors are also putting pressure on Bitcoin.