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Bitcoin Struggles to Surpass $80,000 Amid Heavy Selling Pressure
Bitcoin has faced significant challenges in breaking the $80,000 price barrier, having attempted to do so three times since late August. As of September 11, Bitcoin is trading around $77,400, with long-term holders having sold approximately 539,000 BTC in the price range of $77,100 to $80,200. This selling activity has created a substantial supply wall that has thwarted Bitcoin's upward momentum.
CryptoQuant has highlighted that a record 15.8 million BTC held by long-term investors indicates a lack of buying interest, rather than bullish sentiment. The analysis suggests that the market is experiencing a buyer drought, as the significant supply of Bitcoin in long-term wallets has not translated into increased demand. Without fresh buying pressure, such as inflows from spot exchange-traded funds (ETFs) or corporate treasury purchases, Bitcoin is unlikely to break through the $80,000 threshold.
The previous attempts to surpass this level included a high of $82,283 on September 3, but each time, Bitcoin has retreated below $80,000 shortly after. Analysts note that for Bitcoin to advance, it must absorb the overhead supply created by previous sellers. A close above $81,700 could signal a bullish trend, while a drop below $76,030 would likely lead to further selling pressure, potentially pushing Bitcoin down to the 200-day moving average around $70,000.
Source: KLEA News