Bitcoin Stays Below $80,000 Despite Easing Selling Pressure
Easing selling pressure is offering support, but spot buyers and liquidity are still lagging. U.S. payrolls, ETF inflows, and Fed expectations are keeping BTC under $80,000 in focus.
Key Takeaways
- Bitcoin is trading around $78,257 and remains below $80,000, while analysts say this level needs to be convincingly reclaimed first.
- Selling pressure is easing: long-term holders are selling less, accumulation addresses hold about 2.3 million BTC, and hedge funds have cut back short positions.
- Spot buyers are still waiting on the sidelines, while ETF inflows and macro data are shaping sentiment and European investors are watching upcoming U.S. inflation and Fed data.
Bitcoin is trading around $78,257 (€67,200) after the price slipped back below $80,000 (€68,700). According to analysts, that level needs to be convincingly reclaimed before liquidity really returns. Selling pressure is easing, but new spot buyers are still not clearly showing up.
Selling Pressure Is Easing
Investors holding Bitcoin are selling at a loss less often. Net Realized Profit and Loss is positive again, and Long-Term Holder SOPR is at 1.2. That suggests many long-term holders are leaving their coins untouched for now.
XWIN Japan also reported that accumulation addresses together hold about 2.3 million BTC. In addition, there seems to be little urgency to send coins to crypto exchanges while Bitcoin is moving around $80,000 (€68,700). Hedge funds have also reduced their short positions, even as broader macro pressure still tested the market.
U.S. payrolls came in at 162,000 in August, versus an expectation of 53,000. That pushed the odds of a rate hike in September to nearly 60%. Wintermute also pointed out that Bitcoin still ended the week 3.45% higher, even though a hawkish repricing often puts pressure on crypto markets.
Spot Buyers Are Still Waiting
The real confirmation of the rebound is still missing in the spot market. The 90-day CVD for spot remains neutral, while futures buyers have mainly carried the rebound. That makes the current move less broadly supported than investors would like to see.
Liquidity at Binance also paints a mixed picture. Stablecoin reserves peaked above $50 billion (€42.9 billion) this year and then fell by nearly $7 billion (€6 billion). Over the past month, $1.6 billion (€1.4 billion) flowed back into reserves. The 90-day change in Binance stablecoin market cap also improved to -1.6% from -17%, but according to Darkfost, that recovery is still too slow to carry the move on its own.
Institutional demand is offering more support for now. U.S. Bitcoin ETFs pulled in $986.9 million (€847 million) in the week through September 4. That extended the inflow streak to three weeks and brought total inflows over that period to about $3.8 billion (€3.3 billion). Still, ETF demand does not automatically translate into immediate buying pressure in the open spot market, especially as long as the Coinbase Premium stays negative and whale deposit ratios remain elevated. That fits the picture of selling by large wallets, which had already put pressure on the price when the market dropped back below $80,000 (€68,700).
Important for European Readers
For European crypto investors, this mainly shows how strongly Bitcoin is still moving with U.S. macro data and ETF flows. The CPI data on September 11 and the Fed meeting on September 15 and 16 could therefore also matter outside the U.S. for sentiment around BTC. As long as $80,000 (€68,700) is not a clear support level, that mix of macro and market liquidity will remain important in the short term.
