Bitcoin's failed breakout exposes thin volume and heavy profit-taking
- —Bitcoin trades near $83,100 after falling almost 5% this week
- —Average daily spot and ETF volume over the seven days to Oct. 6 was $6.8 billion, below 90% of days since January 2024
- —86% of BTC sent to exchanges on Oct. 4 came from short-term holders in profit, the highest share in a year
- —92% of short-term holders (3.27 million BTC) are in profit, with a one-month average cost basis of $81,900
Why it matters: Holding $81,900 would preserve recent buyers' profits, but a break below could intensify selling pressure and deepen the correction.
Source: CryptoSlate