Waves

Bitcoin

The leading cryptocurrency, Bitcoin, briefly fell below the $80,000 level following better-than-expected US economic data. However, this decline was short-lived, and BTC resumed its upward trend.
While this situation has sparked debate about whether BTC is forming a new short-term low, a new analysis has emerged from the on-chain analytics company Glassnode.
Glassnode notes that the data shows buy orders at the $80,000 level supported the price recovery, but questions remain about the sustainability of this support.
<h2 id="buyers-enter-at-80-000">Buyers Enter at $80,000!</h2>
Glassnode reported that after Bitcoin briefly dropped below $80,000, large buy orders that had been waiting around $80,000 in the Binance BTC/USDT spot order book for the past week were filled. Even new large buy orders were entered.
Glassnode noted that BTC subsequently recovered gradually, but buy orders below $80,000 were weaker compared to previous levels. This suggests that downward pressure could increase if the price retests the same region.
<h2 id="past-selling-waves-coincided-with-lows">Past Selling Waves Coincided with Lows!</h2>
Glassnode’s data indicates that stop-loss orders increased in early and mid-August and mid-September, with each event coinciding with Bitcoin forming a short-term bottom. Following the August sell-off, the price rose to the $80,000 level, while a recovery above $85,000 occurred after the September drop.
Glassnode also stated that profit-taking has decreased since Bitcoin’s peak in September. According to the company, if this pattern repeats, the sell-off seen yesterday around $80,000 could indicate a short-term bottom for the current correction.
At this point, Glassnode’s assessment suggests that a drop below $80,000 could increase selling pressure and bring the $78,000 level into play. Therefore, the potential bottom is not yet certain.
*This is not investment advice.
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Has the Bitcoin Selling Wave Stopped? Could $80,000 Be the Bottom? Glassnode Explains!

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