Profit-Taking Pressure Caps Bitcoin's Upside at $83,000

Bitcoin's price has been stuck in a tight range around $83,000 as profit-taking pressure caps its upside. The cryptocurrency market showed little directional conviction on the morning of the 30th, with Bitcoin trading predominantly in the $83,000 range.

The previous day, Bitcoin oscillated within an $83,000 to $84,000 range, but failed to hold above $84,000. CryptoQuant noted that short-term holders' unrealized profit margin reached 33%, triggering profit-taking that is capping upside.

According to the firm, three downside support levels are identified: $80,000, $71,000, and $67,000. Meanwhile, U.S. spot Bitcoin ETFs recorded approximately $2.4 billion in net inflows over the past week, indicating underlying institutional buying demand is providing support.