Bitcoin Price Fails to Break Above $80K Amid Heavy Supply Zone

Bitcoin's price has risen by roughly 1% over the past 24 hours to $78,700 but remains below $80,000. The latest institutional demand is being met with profit-taking and a heavy supply zone above current levels.

The Strategy company disclosed a purchase of 4,603 BTC for $369.7 million between August 24 and August 30, bringing its total holdings to 845,050 BTC. The company paid an average price of $80,318 per coin for the latest purchase, putting its entry price above Bitcoin's current market price.

Despite renewed demand, Bitcoin has struggled to break above $80,000. Institutional buying had provided support before the latest rejection, with US spot Bitcoin ETFs attracting more than $2.8 billion during eight consecutive sessions in August. However, ETF demand weakened at the end of the month, and supply above $80,000 is making it harder for prices to break through.