Bitcoin declined 2.98% from $81,340 to $78,915 on September 4 following the release of a stronger-than-expected U.S. jobs report. The economic data reduced market expectations for a Federal Reserve rate cut and raised the possibility of a rate hike instead.
The price movement came as Bitcoin approached the $82,000 supply zone, a level last seen in May that triggered a significant sell-off at that time. Upcoming Federal Reserve decisions later in September are expected to influence cryptocurrency price trends. Additionally, a scheduled vote on the Clarity Act in mid-September may be postponed to November following the House leadership's cancellation of the final two weeks of September.
Profit-Taking Pressure Emerging
On-chain metrics indicate profit-taking activity among medium-term holders. The 6-month holder MVRV ratio stood at 13.10%, indicating that 180-day holders were, on average, operating with profits. The 180-day mean coin age has been trending lower since May, signaling distribution among medium-term holders.
However, the 2-year dormant circulation remained relatively quiet, suggesting that long-term holders have not yet begun selling in significant volumes. Analysts noted that sustained accumulation and demand would be needed to shift the market regime and confirm a sustained bull run.
Liquidity Concerns
One metric warranting attention is the exchange stablecoins ratio on Binance, which has climbed to its highest level in 2026 according to CryptoQuant Insights. This measure compares Bitcoin reserves against stablecoin reserves on the exchange, with an increasing ratio indicating dominant Bitcoin supply relative to stablecoin supply.
A reduced stablecoin ratio could limit buying capacity in the market and potentially impede Bitcoin's ability to break past the $82,000 key resistance level, though an immediate price correction is not guaranteed.
