Bitcoin reached a peak of $80,402 on September 20, marking a 25.6% increase over the previous 90 days. This rally, which has been building since mid-June, suggests a fundamental shift in how buyers are interacting with market pullbacks.
The shift from $60,000 support to the $77,000 zone
Bitcoin's market structure has evolved significantly since the middle of June. Rather than retreating to the $60 ,000 to $65,000 range during periods of volatility, buyers have consistently established higher price floors. As the source reports, the market has transitioned from seeking support at the $60,000 level to absorbing selling pressure above the $77,000 mark during recent August and September fluctuations.
This upward migration of support levels indicates growing buyer confidence. Instead of a temporary breakout, the current price action reflects a sustained trend where each downward swing is met with increased absorption, effectively raising the baseline for Bitcoin's valuation.
A 71% profitability rate below the 75% distribution threshold
Current holder profitability metrics suggest that Bitcoin is in a transitional phase between growth and potential distribution. According to the report, 71% of the Bitcoin supply is currently in profit, while 29% remains underwater. This specific ratio places the market in a "middle ground" that differs from previous cycles.
Historically, a profitability zone between 75% and 90% has been a precursor to heavy market distribution and large-scale selling.. Because the current 71% figure sits below this critical threshold, the immediate risk of a massive, market-wide exit is somewhat mitigated, though the potential for individual profit-taking near the $80,000 level remains a growing concern.
The -1.46% Korea Premium Index and weakening regional demand
A notable divergence is emerging in the South Korean market, which could act as a drag on Bitcoin's upward momentum. The Korea Premium Index has moved into negative territory, hitting -1.46% in recent weeks.. This indicates that Korean traders are pricing Bitcoin lower than participants in other global markets, signaling a cooling of domestic buying pressure.
This trend is particularly significant as Bitcoin trades near its recent highs of approximately $80,400. While global markets may be driving the price upward, the lack of premium support from the Korean market suggests that regional demand is failing to keep pace with the broader rally.
Can global demand offset rising exchange inflows?
The sustainability of the current rally remains uncertain due to several unverified market pressures. While the trend appears solid, the source notes that exchange inflows are rising, which often precedes increased selling activity. it remains unclear whether global demand is robust enough to absorb this influx of supply.
Furthermore, the report does not specify if the negative Korea Premium Index is a temporary correction or the start of a longer-term trend of regional exhaustion. Without clarity on whether international buyers can compensate for the weakening Korean demand, the path toward higher price targets remains clouded by the threat of profit-taking.
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