Bitcoin Rebound Weakens as Profit-Taking Takes Hold

Bitcoin's rebound has weakened due to profit-taking by holders, according to CryptoQuant data. Since August 19, investors have realized a net profit of 110,000 BTC, with the daily peak reaching 23,000 BTC on August 21. This is the highest level this year, and it represents nearly $8.8 billion at current prices.

The rapid price increase from under $65,000 to over $82,000 has allowed investors who entered lower to secure part of their gains, but it also led to a cooling phase in demand. The Coinbase Premium index has returned to negative territory, indicating weaker US demand, which has limited bitcoin's gains in the past.

The 83,000 dollar threshold remains a crucial resistance level for Bitcoin, and holding below $80,000 could weaken the rise. However, CryptoQuant's Bull Score is still above the historical threshold of 60, suggesting that the overall trend remains constructive.