Bitcoin remains near $80K as profit-taking grows: Can bulls hold on?

Bitcoin’s [BTC] rally to $80,000 represents an upward trend rather than a short-term breakout.

Since mid-June, buyers have consistently increased the market’s floor with each downward swing. The initial swing was at the bottom of the $60,000 level, then the second swing was above the $77,000 mark later in August.

As of late, sellers attempted to push prices down into the $75,000-$77,000 zone multiple times. However, at each attempt, buyers were able to absorb selling pressure and push the price back up.

That response has gradually shifted support higher, reducing the market’s reliance on the earlier $60,000–$65,000 range.

BTC peaked at $80,402 on the 20th of September, or approximately 25.6% greater than ninety days prior. Therefore, this is more than just price appreciation.

It also demonstrates that buyers are becoming increasingly strong after each pullback while support continues to increase as well. Holding these levels could help Bitcoin maintain its broader upward structure.

Bitcoin supply moves into profit

That stronger price floor is also changing Bitcoin’s holder profitability. With the increase in price since June lows, the percentage of supply in profit increased from approximately 45% to 71%.