Bitcoin's Whale-Sized Profits Threaten Price Support Above $80,000

Bitcoin's struggle to break through $80,000 continues as it dips below $79,000 on Tuesday. Buyers are facing significant selling pressure in this range, which has been a barrier for the cryptocurrency.

The broader market remains bullish, with the Fear and Greed Index registering 72, indicating elevated investor optimism but also potential aggressive behavior.

However, short-term whale holders are sitting on historically high unrealized gains of $9.07 billion, according to CryptoQuant contributor IT Tech. This represents a record high since the metric's data series began in 2016 and could be a source of selling pressure as Bitcoin consolidates.

The cohort's unrealized profit declined to $7.51 billion on Saturday but remains among the five highest readings ever recorded, all occurring within the last two weeks. IT Tech notes that these profits represent potential selling supply, with short-term holders historically more willing to take profits than those with longer holding periods.