Bitcoin struggles below $80K as selling pressure persists
Investors take profits while Bitcoin's rally stalls at key resistance level.
1Bitcoin's $80K resistance
Despite gaining over 25% in recent weeks, Bitcoin has failed to establish sustained support above $80,000. CryptoQuant data shows increased movement of older coins, with the SOPR ratio rising to 1.48, indicating more transactions involving profitable coins. As price consolidated around $79,500, short-term holders showed relatively stronger performance.
2Long-term holders taking profits
The SOPR ratio rising to 1.4 in favor of long-term holders (LTH) suggested this group was realizing more profits than short-term holders (STH). However, the ratio later dropping to 0.93 indicated STH gaining relative strength. The SOPR ratio has been in a downtrend since early 2025, hitting 0.62 in late June - its lowest in three years.
3All investor groups in profit
CryptoQuant analysis shows all investor cohorts are now collectively in profit, creating a potential hurdle for further Bitcoin gains. Only sustained buying support could overcome this resistance. The key question isn't whether Bitcoin can briefly touch $80K, but whether new demand can absorb selling from profitable holders.
4Demand from US spot ETFs
Continued inflows into US spot Bitcoin ETFs are crucial for sustaining Bitcoin's rally. CryptoQuant notes this demand could shift the market from 'easing selling pressure' to a stronger upward phase. However, the Coinbase premium index remains in negative territory, suggesting US investor demand isn't yet strong enough.
5Coinbase premium index signals
The Coinbase premium index (price difference between Coinbase and Binance BTC/USDT pairs) has mostly stayed negative throughout August 2026. The index improving to -0.015 from -0.094 at August's start shows some recovery, but the market awaits a sustained move above zero as confirmation of renewed US investor demand.
6Bullish RSI divergence
Bitcoin's Relative Strength Index (RSI) shows positive divergence similar to the 2022 rally period. This technical indicator suggests momentum could strengthen despite price downtrend. Analysts view this RSI development as potentially signaling the start of a new price trend.
7Global market dynamics
Bitcoin's performance remains closely tied to global liquidity conditions and risk appetite. US rate expectations and dollar index movements significantly impact crypto markets. Growing institutional interest and regulatory developments continue to shape Bitcoin's long-term adoption trajectory.
8Bitcoin's outlook
Breaking the critical $80K level depends on investor psychology, technical indicators, and macroeconomic conditions. Renewed US investor participation and spot ETF inflows could help overcome this resistance. However, persistent selling pressure may prolong the consolidation phase below this key level.