Bitcoin (BTC) slipped back below $80,000 after testing the level again, with XWIN Japan pointing to profit-taking by existing holders as a major barrier on August 26.
The next move may depend less on another brief test of $80,000 and more on whether fresh demand can absorb units being sold by investors sitting on gains.
Profit-Taking Puts BTC’s $80K Test Under Pressure
XWIN Japan noted that nearly every Bitcoin investor group has returned to profit as the cryptocurrency approached $80,000. Its unrealized PnL reading stood at 21.1 for long-term holders, 13.4 for short-term holders, 13.9 for investors holding for one day to one month, and 5.3 for the newest buyers. That creates a familiar problem during a fast recovery: more profitable holders have a reason to sell.
Source: CryptoPotato
