Bitcoin Holds Ground Near $80K Amid Profit-Taking and Weakening Demand

Bitcoin has maintained its value near $80,000 as buyers continue to absorb selling pressure and push prices back up. The recent rally to this level represents an upward trend rather than a short-term breakout.

Since mid-June, buyers have consistently increased the market's floor with each downward swing, shifting support higher and reducing the market's reliance on earlier levels such as $60,000-$65,000. This response has also changed Bitcoin's holder profitability, with the percentage of supply in profit increasing from approximately 45% to 71%.

However, this shift comes with a caveat - while 71% of the supply is now profitable, 29% is still underwater, limiting the potential for large-scale immediate profit-taking. Furthermore, the 71% reading falls short of the 75-90% zone previously linked to heavier distribution in past cycles.

Korean demand has also turned negative, with the Korea Premium Index moving from positive territory into negative territory, reaching -1.46%. This development becomes significant given that Bitcoin is currently trading at approximately $80,400, just shy of recent highs.