Bitcoin Profit-Taking Weakens Rebound Amid Weaker Demand

According to data from CryptoQuant, Bitcoin holders have realized significant profits since August 19. The price of BTC rose from under $65,000 to over $82,000 during this period, with a peak of $23,000 in daily net profits on August 21.

These profits amount to 110,000 BTC, representing nearly $8.8 billion at the current price. However, this number does not necessarily mean that 110,000 bitcoins were sold on exchanges, as it includes internal operations and transactions between wallets.

The Coinbase Premium index has returned to negative territory, indicating weaker US demand for Bitcoin. This is a cautionary sign, as previous periods of weakness in this indicator have limited BTC gains in the past.

CryptoQuant's Bull Score remains above 70, suggesting that the overall trend is still bullish. However, the main resistance level for Bitcoin is around $83,000, which corresponds to the 365-day moving average.