Bitcoin Struggles to Sustain Momentum at $80K as Profit-Taking Mounts

Bitcoin has reclaimed the $80,000 area but faces challenges in sustaining momentum due to sell-side pressure from investors sitting on profits.

CryptoQuant's data shows that older 'long-term holder' coins have become more active around recent local highs, while a widely watched gauge of U.S. demand, the Coinbase premium, remains slightly negative.

The spent output profit ratio (SOPR) for long-term holders rose to 1.48 on Aug. 22, indicating profit-taking-related activity is increasing among older coins.