Bitcoin (BTC) slipped back below $80,000 after testing the level again, with XWIN Japan pointing to profit-taking by existing holders as a major barrier on August 26.The next move may depend less on another brief test of $80,000 and more on whether fresh demand can absorb units being sold by investors sitting on gains.Profit-Taking Puts BTC’s $80K Test Under PressureXWIN Japan noted that nearly every Bitcoin investor group has returned to profit as the cryptocurrency approached $80,000. Its unrealized PnL reading stood at 21.1 for long-term holders, 13.4 for short-term holders, 13.9 for investors holding for one day to one month, and 5.3 for the newest buyers. That creates a familiar problem during a fast recovery: more profitable holders have a reason to sell.The post also pointed to the SOPR Ratio, which compares profit-taking by long-term holders with that of short-term holders. The ratio briefly reached 1.4 as BTC neared $80,000, suggesting long-term holders were realizing profits at a higher relative rate. However, it has since fallen to 0.93, meaning short-term holders are now showing stronger realized performance relative to long-term holders.As per XWIN, any sustained breakout above the $80,000 mark, coupled with rising ETF and spot demand, might be one way through which Bitcoin can reach the $88,000-$90,000 price point. However, it pointed out that the $75,000-$76,000 mark is the level to pay attention to if prices decline further. Failure at this level may make it difficult for the short-term holders to earn a profit, which, in XWIN’s opinion, could speed up the correction.“The key question is not whether Bitcoin can briefly touch $80,000, but whether new demand can absorb selling from profitable holders,” the research firm concluded.Momentum Has Cooled After a Huge Weekly MoveAnother analyst, BorisD, also pointed to fading buying pressure at higher prices, noting that Binance’s volume delta, which tracks the difference between aggressive buying and selling, fell from $1.17 during Bitcoin’s move from $63,000 to $70,000 to about $350 million near $80,000.The other major exchanges showed much flatter readings. BorisD argued that the market may need a period of consolidation before attempting another breakout. But the backdrop remains more supportive than it was a week ago.As CryptoPotato reported, BTC climbed from below $65,000 on August 19 to above $81,000, helped by Treasury buyback plans, renewed ETF demand and more than $4 billion in short liquidations.Nearly $2 billion entered US spot Bitcoin ETFs over five days, while Treasury buybacks of longer-dated debt were increased from $2 billion to at least $4 billion per operation.Bitcoin was trading around $79,000 at the time of writing, down 2% over 24 hours but still up 23% in the last seven days and 21% over the month, even after a year that has left it down close to 28% and about 37% below its all-time high of over $126,000, set last October.The post Bitcoin Could Hit $90K – But This Major Test Comes First, Analysts Say appeared first on CryptoPotato.