Bitcoin Stuck at $80K: Long-Term Holders Realize Gains, Profit-Taking Increases

The Bitcoin price has struggled to break through the $80,000 resistance level, causing a pullback in the market. According to The Coin Republic, the recent surge in price was driven by long-term holders realizing gains of around $80,000. However, this has led to increased profit-taking and fading volume, increasing the risk of a near-term pullback.

The current derivative conditions also suggest that leveraged bullish exposure has not cleared completely, with open interest sitting at $25.35 billion, close to August's peak. Additionally, the funding rate is positive at 0.000091%, indicating that spot buyers are needed rather than another short squeeze.

Technical momentum also appears stretched, with the 12-hour RSI reaching 81.70 before slipping below its signal line. Buying volume has weakened since the August 19 breakout, increasing the risk of a pullback without confirming a lasting market top.

CryptoQuant data shows that most investor groups now hold unrealized profits, with long-term holders registering an unrealized PnL of 21.1. This has led to a shift in the balance between seller groups, with short-term holders realizing gains faster than long-term participants.