According to CoinMeta, and as reported by Bloomberg, Bitcoin faced selling pressure as it approached the $100,000 mark. The cost price for investors and the holding costs of ETF posed constraints on Bitcoin's price. After a rebound in the summer, Bitcoin fell back to around $80,000. Investors who bought Bitcoin in the past two years had a cost price concentrated at $87,000 and above. Selling pressure at that price level suppressed Bitcoin's rebound twice, resulting in at least a 25% pullback. In addition, the average cost price for Bitcoin ETF holders is about $81,500. If the price continues to close below this level, ETF average holders will turn into net losers, which will weaken recent support on the blockchain.