After an early week of jitters, Bitcoin price eventually gathered bullish momentum that became the centerpiece of the week’s performance. Rising from the ashes below $74,000, the top cryptocurrency surged past $79,000 on Wednesday, April 22, to its highest level in nearly three months.
However, there have been minor concerns about Bitcoin price failing to break $80,000 during the recent rally. Here is an on-chain perspective on why the market leader’s price action has slowed over the past few days.
Bitcoin Price Faces Significant Resistance at $80,000
In a new post on social media platform According to experts, the price of BTC is facing resistance at the relevant on-chain level, known as the True Market Mean Price.
For context, the actual market average price is a measure of the average cost basis of active market participants. This on-chain metric focuses on the actual circulating portion of supply, excluding dormant (or lost) coins and miner profits.
Actual market average prices distinguish between traders and long-term dormant holders, giving active participants (who tend to have a greater influence on price) a more accurate average cost basis. Therefore, they function as dynamic support and resistance levels due to their psychological relevance for traders.
Source: @joao_wedson on X
As Wedson mentioned in his post, the actual market average price is one of the reasons why the price of Bitcoin has not been able to maintain its upward trend above $79,000. As seen in the chart above, on-chain indicators provided significant support for the top cryptocurrency at the end of 2025.
Wedson added that even if the BTC price breaks the actual market average, it is best for investors to wait about three days to confirm the breakout. “Otherwise, the bears are more likely to gain some control over the price over the next few days/weeks,” the Alphractal founder warned.
Crowd FOMO Crashes $80K Party for BTC
Another reason Bitcoin price momentum may be slowing is the shift in investor sentiment on Thursday, April 23, as the cryptocurrency crowd shifted into FOMO (fear of missing out) mode. According to Santiment, the market became happy as the price of the top cryptocurrency approached $80,000. This was a clear warning sign.
The analytics firm wrote about X:
Prices may continue to rise, and a breach above this resistance level would have a huge impact in attracting new and returning traders. But ideally it will happen when optimism has calmed down a bit.
As of this writing, the BTC price is around $77,588, down just 0.3% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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