Bitcoin Holds Price Despite Profit-Taking as Buying Pressure Continues

Bitcoin (BTC) market analysis suggests that despite the release of profit-taking volumes, buying pressure has remained robust enough to prevent an immediate price drop.

On September 19, on-chain analytics firm Glassnode announced on X (formerly Twitter) that 'current buying pressure is strong enough that even if Bitcoin is sold in profitable zones, the price will not immediately fall.'

Glassnode explained that a sustained trend of Entity-Adjusted SOPR (SOPR adjusted for entities) remaining above 1 is characteristic of a bullish market. An SOPR above 1 indicates that Bitcoin moved in the market is on average trading at a profit.

The firm added that if SOPR falls below 1 again, it could signal weakening buying demand.