Bitcoin Stalls at $80K as Fresh Demand Meets Profit-Taking
Bitcoin's price rose by approximately 1% in the past 24 hours to $78,700 but has yet to break above the $80,000 mark. This stagnation can be attributed to a combination of factors including fresh institutional demand and profit-taking.
Strategy, one of Bitcoin's largest corporate holders, made a significant purchase of 4,603 BTC for $369.7 million between August 24th and 30th. This acquisition brought Strategy's total holdings to 845,050 BTC with an average price of $80,318 per coin.
The recent attempt by institutional buying to support the market has been met with selling pressure above the $80,000 mark. According to Glassnode, this supply zone is comprised of long-term holders close to their cost basis and a heavy pocket of coins held in self-custody beginning near $80,800.
Options positioning also adds resistance within this area, making it increasingly difficult for Bitcoin to break above the $83,300 level. This mark has been identified by Glassnode as the point at which buyers are absorbing the supply and can be considered a sustained move above $83,300 supported by continued ETF inflows.