Bitcoin Fails to Hold $80,000 Amid Rising Profit-Taking and Muted Buying

Bitcoin's failure to hold at $80,000 is raising concerns among investors as profit-taking rises and buying stays muted.

CryptoQuant analysis suggests that long-term holders are selling their coins at a higher rate than short-term holders, with the SOPR ratio hitting 1.4 on August 22, indicating an increase in profits being taken.

The intensity of profit-taking is not decreasing, and most holder cohorts have entered profit territory, adding to the market's burden.

However, inflows into spot bitcoin exchange-traded funds could draw in new buying, but U.S. demand remains uncertain with the Coinbase premium still in negative territory at -0.015 as of August 26.