Bitcoin Struggles to Break Through $80K Barrier Despite Institutional Demand

Bitcoin's price has risen roughly 1% over the past 24 hours to $78,700, but it remains below $80,000 due to a combination of factors.

Institutional demand from investors such as Strategy, which purchased 4,603 BTC for $369.7 million between August 24 and 30, has met profit taking and a heavy supply zone above current levels.

Strategy's latest filing with the US Securities and Exchange Commission revealed that its total Bitcoin position was acquired for $63.73 billion at an average price of $75,412 per BTC.

The company's entry price is above Bitcoin's current market price, and its purchase was Strategy's first in roughly 10 weeks, returning one of Bitcoin's largest corporate holders to the market after a pause in accumulation.