Heavy Overhead Selling Keeps Bitcoin Below Eighty Thousand Dollars

Bitcoin has struggled to establish support above the $80,000 mark after multiple failed attempts since late August, according to an analysis by CryptoQuant. Despite recovering 21.77% from an August 13 low of $63,425.35 to trade near $77,400, every upward move beyond $80,000 has met rapid selling pressure. CryptoQuant noted that the market faces a dense band of overhead supply that must be absorbed before prices can make sustained progress.

The barrier is largely formed by long-term holders who offloaded as much as 539,000 Bitcoin within a single 30-day window this year, specifically in the price corridor between $77,100 and $80,200. This concentrated selling creates dual resistance: earlier holders who still retain balances continue to distribute at these levels, while buyers who entered within the band seek to exit at breakeven as momentum stalls.

Price action reflects this resistance, with Bitcoin rejecting moves above $80,000 on August 25, August 27, and September 3, the last of which reached $82,283 before closing back down. Meanwhile, local support has held between $76,030 and $76,929. CryptoQuant also suggested that a record 15.8 million Bitcoin held in long-term wallets may signal a shortage of active buyers rather than pure accumulation conviction.