Bitcoin slipped below $80,000 after testing the level, as profit-taking by holders with gains created a barrier. On-chain data shows nearly all investor groups returned to profit near $80,000, with long-term holders’ unrealized PnL at 21.1 and short-term holders at 13.4. The SOPR Ratio briefly hit 1.4, indicating higher relative profit-taking by long-term holders, then fell to 0.93. Analysts warn that losing the $75,000 to $76,000 zone could pressure newer holders and accelerate selling. Bitcoin traded near $79,000, down 2% on the day but up 23% over the past week.
Bitcoin (BTC) slipped back below $80,000 after testing the level again, with XWIN Japan pointing to profit-taking by existing holders as a major barrier on August 26. The next move may depend less on another brief test of $80,000 and more on whether fresh demand can absorb units being sold by investors sitting on gains.
XWIN Japan noted that nearly every Bitcoin investor group has returned to profit as the cryptocurrency approached $80,000. Its unrealized PnL reading stood at 21.1 for long-term holders, 13.4 for short-term holders, 13.9 for investors holding for one day to one month, and 5.3 for the newest buyers. The post also pointed to the SOPR Ratio, which compares profit-taking by long-term holders with that of short-term holders, briefly reaching 1.4 as BTC neared $80,000 before falling to 0.93.
As per XWIN Japan, any sustained breakout above $80,000, coupled with rising ETF and spot demand, might allow Bitcoin to reach $88,000 to $90,000. However, the $75,000 to $76,000 mark is the level to watch if prices decline further. “The key question is not whether Bitcoin can briefly touch $80,000, but whether new demand can absorb selling from profitable holders,” the research firm concluded.
Another analyst, BorisD, pointed to fading buying pressure at higher prices, noting that Binance’s volume delta fell from $1.17 during Bitcoin’s move from $63,000 to $70,000 to about $350 million near $80,000. Other major exchanges showed much flatter readings, and the market may need a period of consolidation before another breakout.
Bitcoin climbed from below $65,000 on August 19 to above $81,000, helped by Treasury buyback plans, renewed ETF demand, and more than $4 billion in short liquidations. Nearly $2 billion entered U.S. spot Bitcoin ETFs over five days, while Treasury buybacks of longer-dated debt were increased from $2 billion to at least $4 billion per operation. Bitcoin was trading around $79,000 at the time of writing, down 2% over 24 hours but still up 23% in the last seven days and 21% over the month, even after a year that has left it down close to 28% and about 37% below its all-time high of over $126,000, set last October.
