Bitcoin faces selling pressure at $80K as U.S. demand remains weak
Bitcoin continues to struggle around the $80,000 level as profitable investors increase selling activity, though the market has yet to see widespread profit-taking, according to CryptoQuant.
Onchain data shows that all Bitcoin holder cohorts are now sitting on unrealized profits. Long-term holder SOPR rose to 1.48 on Aug. 22, indicating increased movement and profit realization among older coins.
The SOPR ratio between short-term and long-term holders briefly climbed to 1.4, its highest since July 25, before falling to 0.93. CryptoQuant said the key question is whether fresh demand can absorb selling from profitable holders as BTC tests $80,000.
U.S. investor demand, however, remains relatively weak. The Coinbase Premium — the price difference between Bitcoin on Coinbase and Binance — stood at -0.015, although it has improved from -0.094 at the beginning of August.
CryptoQuant said a sustained move into positive territory for the Coinbase Premium, alongside continued Bitcoin price recovery, would provide a stronger signal that U.S. spot demand is returning. $BTC
Bitcoin continues to struggle around the $80,000 level as profitable investors increase selling activity, though the market has yet to see widespread profit-taking, according to CryptoQuant.
Onchain data shows that all Bitcoin holder cohorts are now sitting on unrealized profits. Long-term holder SOPR rose to 1.48 on Aug. 22, indicating increased movement and profit realization among older coins.
The SOPR ratio between short-term and long-term holders briefly climbed to 1.4, its highest since July 25, before falling to 0.93. CryptoQuant said the key question is whether fresh demand can absorb selling from profitable holders as BTC tests $80,000.
U.S. investor demand, however, remains relatively weak. The Coinbase Premium — the price difference between Bitcoin on Coinbase and Binance — stood at -0.015, although it has improved from -0.094 at the beginning of August.
CryptoQuant said a sustained move into positive territory for the Coinbase Premium, alongside continued Bitcoin price recovery, would provide a stronger signal that U.S. spot demand is returning. $BTC
