Bitcoin has started September with a lot of selling. More than $1.2 billion in net selling has hit the market over the past ten days.
What caught my attention is that Bitcoin has still managed to stay around the $76K to $78K area.
Usually when sellers keep coming in for days the price starts to break down. That has not happened yet.
This makes the $76K level very important.
If Bitcoin keeps holding above $76K despite this selling then buyers may be taking in the coins that long term holders are selling. In simple terms the market may be absorbing the supply instead of falling under it.
There is another part of the story that matters.
Long term holders started taking more profit when Bitcoin moved above $80K in August. From August 18 to August 28 the amount of Bitcoin being moved by long term holders rose from around 174K BTC to nearly 282K BTC.
That makes sense.
When someone has held Bitcoin for a long time and the price gives them a good profit some selling is normal. It does not always mean that they think the market is finished.
The long term holder MVRV also moved higher during that period. It reached around 1.64 before moving back to around 1.60. This means long term holders were still sitting on large unrealized gains.
So the bigger question is not just who is selling.
The bigger question is who is buying those coins.
Bitcoin is currently moving inside a range between roughly $76K and $80.5K. Until that range breaks the market can keep moving sideways.
A move above $80.5K would give buyers a better signal. The next major area to watch would be around $82.85K.
On the other side $76K is the level I would watch closely.
If BTC loses $76K then the current strength starts to look weaker. It could open the door for a deeper pullback.
September could also bring more price swings because the US rate decision is coming on September 15. The CLARITY Act vote is also expected around the same date.
For now Bitcoin is facing heavy selling but the price is refusing to give way.
That is the part I find most interesting.
Sometimes the real strength of a market is not shown by how fast it goes up.
It is shown by how well it holds when people are selling.