Bitcoin (BTC) continues to monitor the $80,000 zone but has not yet confirmed a clear bullish breakout.

The next developments may depend on the balance between accumulation activity, demand from Bitcoin ETF funds, and profit-taking pressure from those who are currently in gains.

14 million BTC is in profit, unrealized

Bitcoin has 14 million BTC that is currently in profit, indicating that most of the supply is recording unrealized gains and may create additional selling pressure.

This Profit Supply level matches the Liquidity Accumulation area shown on the chart. In the past, this zone has influenced Bitcoin’s ability to continue rallying or reverse.

Source: CryptoQuant

Bitcoin entered this zone in January but failed to break through. Then, the price dropped from $95,000 to nearly $60,000 in February.

On the other hand, Bitcoin has remained in the Liquidity Accumulation zone since October 2023. This period has occurred before Bitcoin reached its all-time high in 2024.

Exchange outflows indicate accumulation activity

Bitcoin recorded net outflows in the spot market for three consecutive days, indicating that more BTC is leaving exchanges than is being deposited.

Data from CoinGlass shows total net flows of about -$261 million. The amount of Bitcoin available on exchanges shrinking typically tightens the supply that can be sold immediately on the market, although this data alone does not confirm a price trend.

Source: CryptoQuant

Spot Market Netflow Index Negative for 3 straight days Total net flow About -$261 million Bitcoin reserves on exchanges on August 15 2.735 million BTC Bitcoin reserves thereafter 2.707 million BTC

Bitcoin reserves on exchanges fell from 2.735 million BTC on August 15 to 2.707 million BTC. This development suggests that some holders transferred BTC off trading platforms while prices were rising.

Institutional demand could offset profit-taking pressure

Institutional demand could support Bitcoin if ETF inflows continue to absorb the BTC being sold by investors who are currently in profit.

BlackRock has recently bought 3,260 BTC. Bitcoin ETF funds also recorded inflows of $3.51 billion in August, according to SoSoValue.

Therefore, Bitcoin’s ability to sustainably break above $80,000 will depend first on the impact between institutional accumulation activity and profit-taking around this price zone.

Summary

Bitcoin is approaching an important test zone around $80,000. Supply in Profit at 14 million BTC creates a risk of profit-taking, while outflows from exchanges and institutional demand may help sustain the uptrend.

Source: https://tintucbitcoin.com/bitcoin-dat-moc-loi-nhuan-14-trieu-usd-gia-tiep-theo-phu-thuoc-muc-nay/

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