Bitcoin Faces Uphill Battle at $80k Amid Profit-Taking and Weak US Demand

Bitcoin has been struggling to stay above $80,000 as investors take profits and lackluster US demand weighs on prices.

A recent surge in Bitcoin's price momentum slowed down after long-term holders saw a spike in profitability to 1.48, while short-term holders still account for the majority of in-profit coins moving onchain.

The Coinbase premium, which reflects US investor demand, remains negative at -0.015, underscoring weak investor interest.

Data from onchain analytics platform CryptoQuant reveals that older coins moved onchain as BTC/USD gained more than 25% over the past week, with the spent output profit ratio (SOPR) ticking up to 1.48 on Aug. 22.