Bitcoin (BTC), 'Buying Pressure Disappears' After Sales Were Supposedly Over... Is the $80,000 Breakthrough Out of Reach?

▲ Bitcoin (BTC)

Although Bitcoin (BTC)'s selling pressure has weakened, a lack of follow-up spot buying power means there isn't enough momentum to confirm a breakthrough past $80,000.

According to BeInCrypto on September 10 (local time), on-chain indicators showed a significant reduction in loss-making sales by Bitcoin holders. Net realized profit/loss returned to positive territory, and the long-term holder SOPR recorded 1.2. XWIN Japan analyzed that accumulation addresses hold approximately 2.3 million BTC. There was also no significant movement to transfer coins to exchanges while Bitcoin approached $80,000.

Despite the easing of selling pressure, new demand in the spot market is not evident. The 90-day cumulative volume delta (CVD) for spot remained at a neutral level. Analyst Darkfost analyzed that the recent rebound was driven more by buyers in the futures market than by spot investors. Hedge funds also appeared to have reduced their Bitcoin short exposure.

Exchange liquidity is also recovering slowly. Binance's stablecoin reserves decreased by approximately $7 billion after surpassing $50 billion in this cycle. In the past month, $1.6 billion flowed back into reserves. Binance's 90-day change rate in stablecoin market cap also recovered from -17% to -1.6%. Darkfost said, “This is a positive change in the short term, but the pace is still slow, and a stronger trend is needed to evaluate it at a meaningful level.”

Institutional demand emerged as a relatively strong supporting factor. US Bitcoin spot ETFs saw a net inflow of $986.9 million in the week leading up to September 4. Net inflows continued for three consecutive weeks, with the cumulative amount reaching approximately $3.8 billion. However, ETF fund inflows do not immediately translate into direct buying in the open spot market. The Coinbase premium remaining negative and a high whale deposit ratio to exchanges were also presented as cautionary signals.

US non-farm payrolls in August increased by 162,000, significantly exceeding market expectations of 53,000, and the probability of a September interest rate hike rose to approximately 60%. Wintermute analyzed that Bitcoin rose by 3.45% over the week despite concerns about monetary policy tightening. XWIN Japan and Darkfost assessed that liquidity recovery could only be confirmed if Bitcoin decisively breaks through $80,000 and spot demand strengthens.

[Key Summary of the Article]

-Bitcoin selling pressure has weakened, but the 90-day spot cumulative volume delta remains neutral, indicating that new spot demand has not been sufficiently confirmed.

-Approximately $3.8 billion has flowed into US Bitcoin spot ETFs over three weeks, but the Coinbase premium and whale deposit ratio are sending cautionary signals.

-Analysts assess that liquidity recovery can only be confirmed if Bitcoin decisively breaks through $80,000 and spot buying strengthens.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*