Bitcoin Tumbles Above $80,000 Amid Uncertainty Over Sustained Demand

Bitcoin has reclaimed the $80,000 mark after a 5.7% surge on Thursday, but its ability to sustain this level remains uncertain.

The cryptocurrency's rally was attributed to a combination of factors, including the Federal Reserve governor Christopher Waller signaling support for keeping interest rates unchanged if inflation continues to ease.

However, analysts warn that demand from US investors is still inconsistent, with inflows into US-listed spot Bitcoin exchange-traded funds (ETFs) picking up in August but remaining volatile.

Glassnode estimates that long-term holders are targeting the $83,000 to $86,000 range to sell their Bitcoin, which could create a price ceiling for the cryptocurrency.