Bitcoin stalls below $80,000 as profit‑taking pressure mounts

Bitcoin (BTC) failed to regain the $80,000 level, with on‑chain data indicating that profit‑taking among holders may be limiting further upside.

On‑chain profitability across holder cohorts

CryptoQuant reports that the spent output profit ratio (SOPR) for long‑term holders (LTH) rose to 1.48 on August 22, showing that older coins are being spent at a profit. The SOPR ratio, which compares short‑term holder (STH) SOPR to LTH SOPR, peaked at 1.4 before falling to 0.93, suggesting a shift toward stronger short‑term performance.

All cohorts now in profit

Data shows that every wallet cohort—short‑term and long‑term—has moved into net profitability. CryptoQuant notes that this broad profitability could create a hurdle for price gains unless new buying pressure emerges.

US demand remains weak

The Coinbase premium, a measure of US spot demand, stayed negative at –0.015, only briefly crossing zero on hourly charts when price rose above $78,500. The premium has been largely below zero throughout 2026, indicating limited US investor enthusiasm.

Key question for the market

Analysts highlight that the critical issue is not a brief touch of $80,000 but whether fresh demand can absorb selling from profitable holders. Potential sources of new demand include inflows to US spot Bitcoin ETFs.