Bitcoin remains trapped below $80,000 as persistent selling pressure from long-term holders and unfavorable macro conditions, including elevated oil prices and rising Treasury yields, dampen breakout prospects.
Bitcoin has failed three times to break $80,000 and faces heavy long-term holder profit-taking supply between $77,100 and $80,200, with ETF outflows and Brent above $100 reducing breakout odds.
Brent remains above $100, and its persistence at elevated levels is a macro headwind for Bitcoin.
The 10-year Treasury yield reached 5.041%, its highest since 2007, and has stayed near 5.00%, adding macro pressure.
IBIT saw inflows on September 14 but led spot Bitcoin ETF outflows on September 16, showing mixed demand.
FBTC attracted inflows on September 14 but overall spot Bitcoin ETF flows turned negative on September 16.
The VIX at 17.10 is up 20% from a month earlier, indicating rising market volatility.
Bitcoin faces significant resistance at the $80,000 level, failing to break through three times due to heavy profit-taking from long-term holders. With Brent crude above $100 and Treasury yields near 5%, the cryptocurrency faces a challenging macro environment that has triggered net outflows in spot ETFs.
Bitcoin is facing a combination of heavy profit-taking from long-term holders, weak institutional demand via spot ETFs, and macro headwinds such as Brent crude prices exceeding $100 and 10-year Treasury yields hovering near 5%.