Bitcoin Hits Resistance at $80K Amid Higher Sovereign Yields

The Bitcoin price has retreated after hitting $80,000, meeting resistance at that level. This comes as sovereign bond yields have hit fresh cyclical highs and ETF secondary-market turnover remains subdued.

The August short squeeze had pushed the spot prices to around $80,000 before encountering overhead resistance. Prices retested levels seen in May, with the share of supply in profit on-chain rising from 65% then to 68% now.

This indicates heavier potential selling pressure following summer redistribution. Spot Bitcoin ETFs absorbed an average of $290 million per day at their peak but secondary market daily turnover remains stuck around $3 billion.