Bitcoin Stuck at $80,000 Barrier as Long-Term Holders Weigh in

Bitcoin has struggled to break through the $80,000 barrier for the fourth time since late August. On each attempt, it was blocked by a large concentration of long-term holders selling into the rally around this key level.

The sellers have been taking profits between $77,100 and $80,200, with as much as 539,000 BTC moved from long-term holders in this range during a 30-day period. This has created a significant supply of coins that needs to be absorbed before Bitcoin can move higher.

To reclaim $80,000 and hold above it, three conditions must align: a neutral Fed decision, a reversal of $463 million in ETF outflows, and Brent crude falling below $100. Currently, the price is trading at $76,408, about 4.7% below the resistance level.

The Federal Reserve raised rates for the first time in three years on September 16, but Bitcoin barely moved. The market needs a softer macro backdrop, particularly from oil and Treasury yields, to ease some pressure on risk assets.