Bitcoin’s relief rally following the August 19 short squeeze has lost momentum after briefly topping $80,000 on August 27 and falling back toward $76,000. The move stalled below a heavy overhead supply zone at $83,000 to $86,000, while liquidation data shows price remains trapped between that upper resistance band and a lower pocket of long liquidation risk around $60,000 to $63,000. On-chain data shows 68% of Bitcoin supply was in profit when price revisited the $78,000 area in late August, up from 65% when Bitcoin traded near the same level in May. That suggests a larger pool of profitable coins and greater potential sell pressure at prior highs. At the same time, US spot Bitcoin ETFs saw seven-day average inflows reach $290 million per day, but secondary trading volume stayed muted near $3 billion per day, pointing to limited follow-through. Macro conditions also turned less supportive as the US 10-Year Treasury yield rebounded to 4.8% after briefly falling toward 4.6%, while short-term options skew cooled back toward neutral. The September 25 quarter-end expiry, carrying about $14 billion in open interest across Deribit and IBIT, now stands as a key positioning and volatility marker for the market.