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Bitcoin failed to hold above the $80,000 mark due to an asset sell-off by investors looking to lock in profits. This factor is exerting the primary downward pressure on the leading cryptocurrency, according to analysts from the on-chain platform XWIN Japan.
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Demand for the asset is supported by capital inflows into spot Bitcoin ETFs and declining yields on U.S. Treasury bonds. These factors are currently partially offsetting the selling pressure, experts at XWIN Japan believe.
On-chain analysts noted that almost all investor groups are once again in profit. This indicates a more stable market condition but simultaneously increases the number of asset holders willing to take profits.
Specialists at XWIN Japan believe that if Bitcoin holds above $80,000 while demand from ETFs and spot market buyers persists, it could pave the way for a move toward $88,000–$90,000. If the price drops below the support level of approximately $75,000, the position of short-term holders will deteriorate, and the price decline could accelerate, analysts warn.
Previously, analysts from market maker Wintermute stated that growth in the crypto market is being restrained by Bitcoin sales from miners, oil price fluctuations, and issues in the U.S. economy.
