Bitcoin has been fluctuating within a narrow range around $80,000 recently. Foreign media believes that this range is becoming a dividing point for short-term bulls and bears: the upward pressure has not yet been fully absorbed, and if there is a pullback below this level, the market may look for a new support area again.
Trended around $80,000 in a seesaw battle
On August 25th, Bitcoin briefly broke through the $81,000 mark, but soon encountered resistance and fell back, subsequently continuing to consolidate around the $80,000 level. The article argues that this level is important not only due to the "integer milestone effect" but also because it is close to previous high points and areas with dense holdings on the blockchain.
Historical trend comparisons cited in the text show that the current price structure bears similarities to the bottom stage of 2022: after breaking away from the downward trend, prices first test previous highs, then experience a pullback, before entering a more definitive upward phase. Following this logic, the high point of around $83,000 formed in May remains a resistance level that needs to be broken through at present.
There is significant selling pressure above $83,000.
On-chain data from UTXO shows that approximately 975,000 BTC tokens have a holding range between $83,307 and $84,569. The article suggests that this indicates a concentration of potential selling orders in this area, and if prices continue to rise, they will first need to absorb the supply in this range.
Another signal mentioned is the profit margin of traders on the chain. The article states that this indicator is currently around 25%. Over the past year, similar levels have often been accompanied by an increase in profit-taking, which has led to short-term pullback pressure. Whale addresses have also recently realized some of their gains, with profits amounting to approximately 88 million US dollars.
ETF Capital flow and bill voting become subsequent variables
If the selling pressure continues, the next key range mentioned in the article is between $76,996 and $78,258, with even lower levels around $63,111. The article suggests that if prices fall back to these areas, it may attract some funds to re-enter the market.
On the contrary, if Bitcoin is able to remain stable above $80,000 and maintain a strong closing price on both the daily and weekly timeframes, the short-term trend will be more favorable for the bulls to continue their momentum. The article regards this as a signal confirming that prices will continue to rise.
On a fundamental level, spot Bitcoin ETF recorded approximately $2 billion in net inflows last week, marking its strongest single-week performance in nearly 10 months. The article suggests that this influx of funds has provided support for recent prices, and the upcoming US CLARITY Act vote in September may also become the next event to drive market volatility.
