[Analysis: Bitcoin's Push for $100,000 Fails as Investor Selling Creates Upside Pressure] According to a Bloomberg report on October 28th, 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 has seen selling pressure from those looking to break even twice this year, suppressing Bitcoin's rebounds, with subsequent price retracements of at least 25%. 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. AI concept stocks have been weak this month. Analysts believe that Bitcoin is still highly correlated with the performance of technology stocks. Concerns about AI valuations and debt risks are putting pressure on Bitcoin. The market has not yet confirmed the start of a new bull market, and the subsequent trend will depend on the macro environment and the performance of sustained buying.