- Bitcoin fell below $77,000 after failing to hold its recovery, with $76,650-$76,750 emerging as immediate support.
- Short-term holders hold about $168B in realized profits, while losses remain slightly above $100B, sustaining selling pressure.
- RSI and MACD have turned bearish, while reclaiming $78,000-$80,000 would strengthen Bitcoin’s recovery outlook.
Bitcoin is facing renewed selling pressure near $77,000 after failing to hold its latest recovery. Glassnode reported that BTC remained around $78,000, while spot selling, perpetual contracts, and ETF outflows weighed on prices. Meanwhile, analyst Darkfost identified sustained short-term holder profits as a development linked to previous bear market endings.
Glassnode Reports Continued Market Pressure
According to Glassnode, Bitcoin is down approximately 1% over the week and continues to hold its trading range near $78,000.
Spot and perpetual selling, alongside ETF outflows, have placed pressure on the market. However, Glassnode noted that capital inflows and elevated profitability show continued market absorption.
The firm did not provide specific figures for the reported capital inflows or ETF outflows. Meanwhile, Bitcoin’s one-hour chart shows a sharp decline toward $76,751.56 on Sept. 15. The latest candle opened at $76,881.81, reached the same high, and fell to $76,652.46.
Short-Term Holders Maintain Significant Profits
Analyst Darkfost said short-term holders have remained mostly profitable for nearly one month. He compared this period with January, when profitability lasted less than one week. In May, short-term holder losses remained dominant, according to Darkfost.
The current figures show approximately $168 billion in realized profits held by short-term holders. Their losses stand slightly above $100 billion. Darkfost expressed both amounts in U.S. dollars to show their scale against Bitcoin’s market capitalization.
He also referred to 2022 and 2023, when sustained short-term holder profitability accompanied the end of the bear market. According to Darkfost, short-term holders often sell during brief returns to profit. Renewed losses can then trigger further selling and capitulation.
Bitcoin Tests Support as Momentum Weakens
Bitcoin traded above $80,000 around Sept. 7 before declining toward $77,000. After consolidating between $77,000 and $77,500, BTC recovered toward $79,000 on Sept. 14 and 15.
The recovery failed, sending Bitcoin below $77,000. The RSI is at 30.08, while its moving average is at 48.13. The MACD has also turned negative, with displayed readings near -219.88 and -189.63.
Immediate support lies between $76,650 and $76,750, followed by $76,000 and $75,500. Bitcoin faces resistance at $77,000, $78,000, and $79,000. Darkfost said holding above $80,000 would provide an important confirmation for his analysis.
