Bitcoin Stuck Below $80K as $14B Options Expiry Looms

Bitcoin's late-August rebound has stalled at around $80,000, stuck in a familiar pattern of heavy supply overhead. The price briefly moved above $80,000 on August 27 after a short squeeze cleared some bearish leverage, but the move was short-lived and quickly fell back to near $76,000.

This triggered fresh long liquidations and left the crypto market boxed between two important areas. Onchain data from Glassnode shows that bitcoin is encountering more potential sellers at current prices than it did earlier this year, with about 68% of circulating supply held at a profit when the price returned to $78,000 in late August.

The difference reflects accumulation during the summer, which pushed the short-term holder cost basis toward $71,000. This creates a larger pool of holders who may sell into strength and adds pressure on bitcoin's price.

Macro conditions have also become less supportive, with U.S. 10-year Treasury yields climbing back to 4.8% just eight trading sessions after falling toward 4.6%. Higher yields tend to pressure risk assets by raising discount rates and reducing the appeal of speculative exposure.