Bitcoin Price Rally Leads to Profit-Taking, Bullish Market Remains
Bitcoin's recent price rally has led to significant profit-taking among holders, resulting in a net gain of 110,000 BTC since August 19. The price surge from under $65,000 to over $82,000 has created an opportunity for investors to cash out some of their gains.
Despite the profit-taking and slowing demand, including weaker US buying and a negative Coinbase Premium index, the overall market remains bullish. This suggests that the trend is cautious but not bearish, with profit-taking seen as a normal cooldown phase after a strong rebound.
The key resistance level to watch is $83,000, which corresponds to the 365-day moving average. A sustained close above this would confirm a stronger bull market. Eleven AI models predict Bitcoin's year-end price in 2026 to be between $84,500 and $105,480, signaling bullish sentiment.