Bitcoin has rallied to approximately $80,400, reaching a peak of $80,402 on September 20. This represents a 25.6% increase over the prior ninety days, driven by consistent buyer support rather than a short-term breakout.
Since mid-June, buyers have progressively raised the market's support level with each price decline. The initial floor held near $60,000, while a second support level formed above $77,000 in August. Sellers have repeatedly attempted to push prices into the $75,000–$77,000 range, but buyers have absorbed the selling pressure and recovered each time. This pattern has steadily elevated support levels and reduced reliance on the earlier $60,000–$65,000 range.
Supply Profitability Increases
The rising price floor has shifted Bitcoin holder profitability significantly. The percentage of supply in profit increased from approximately 45% to 71% since the June lows. This higher proportion of profitable holdings creates more opportunity for investors to realize gains, particularly near the $80,000 level.
However, 29% of supply remains underwater, which may limit the potential for large-scale immediate profit-taking across the market. The 71% profitability reading falls short of the 75–90% zone, which has historically been associated with heavier selling in past cycles. This positions Bitcoin in a middle ground where gains have increased but profit-taking remains a growing risk rather than an imminent threat.
Regional Demand Weakens
Bitcoin's recovery is encountering weaker regional demand. The Korea Premium Index, which measures price differences between South Korean exchanges and foreign markets, moved from positive to negative territory, reaching -1.46% in late September. This indicates that South Korean exchanges are pricing Bitcoin lower than global markets, signaling weakening domestic buying pressure.
The shift is notable given Bitcoin's proximity to recent highs. Instead of adding demand at elevated prices, Korean markets are providing less support for the advance. This divergence could limit upside momentum if exchange inflows continue rising and global demand fails to compensate.
