Bitcoin is holding up despite profit-taking in the BTC market, suggesting buying demand remains strong enough to prevent an immediate pullback.

Glassnode, an on-chain analytics firm, wrote on X on September 19 that buying demand is currently strong enough that Bitcoin does not fall immediately even when it is sold at a profit.

The firm said a sustained Entity-Adjusted SOPR reading above 1, an indicator of market participants' realized profit and loss, is a hallmark of a bull market. When SOPR is above 1, it means Bitcoin changing hands in the market is, on average, being transacted at a profit.

Glassnode added that if SOPR falls back below 1, it could be viewed as a sign that current buying demand is weakening.