Bitcoin Lacks Direction Around $83,000 as Profit-Taking Caps Upside

The cryptocurrency market traded without clear direction on the morning of the 30th. Bitcoin moved predominantly in the $83,000 range, failing to establish a decisive trend from the previous day. Ethereum and XRP also edged lower, with a wait-and-see mood spreading across the broader market.

As of 9:20 a.m. on Japanese exchanges, Bitcoin was trading at approximately ¥13.1 million per BTC (up 0.1% over the past 24 hours), Ethereum at around ¥420,000 per ETH (down 0.6%), and XRP at roughly ¥230 per XRP (down 0.8%).

On the 29th, Bitcoin oscillated within an $83,000 to $84,000 range. It briefly dipped below $83,000 around midday but recovered to reclaim the $84,000 level by evening. However, it softened again into the early morning hours and was unable to sustain that level.

The previous day, the 28th, Bitcoin traded in the $84,000 range during the morning before breaking below that level toward midday, falling to the mid-$82,000 range by evening. While losses were subsequently trimmed, the rebound was limited near the $84,000 mark.

Behind this heavy upside resistance lies short-term profit-taking pressure. According to CryptoQuant, a South Korea-based blockchain analytics firm, after Bitcoin surged to $87,251 last week—its highest level in eight months—the average unrealized profit margin for short-term holders with holding periods of one to three months reached approximately 33%, the highest level since December 2024.