$BTC After spiking to around 871,000 on the short-term and then quickly running into heavy sell pressure, the price rapidly pulled back to around 845,000. The spike-and-reversal pattern directly reflects dense overhead order-book resistance: the cost basis of roughly 1.39 million BTC is concentrated in the $84,000 to $86,500 range. This causes the breakout scenario to evolve into a heavier battle of unlocking positions and absorbing profit-taking.
The current market is entering a critical phase of price-structure validation. As the $85,000 level is the short-term momentum divider, if bulls can reclaim it and hold it, the market still retains the momentum to probe the $87,000 high again. On October 1, spot ETFs recorded approximately $170 million in net inflows, indicating that buy-side support below has not been absent. However, the upside impulse brought by short-term macro stimulus has been largely unwound.
If the $84,000 to $85,000 holding area proves weak, the price may drift lower in search of deeper liquidity. The key defensive zone lies around $82,000 to $83,000. Once this line is broken, the current consolidation-and-accumulation structure will face more substantial pullback tests.
The current market is entering a critical phase of price-structure validation. As the $85,000 level is the short-term momentum divider, if bulls can reclaim it and hold it, the market still retains the momentum to probe the $87,000 high again. On October 1, spot ETFs recorded approximately $170 million in net inflows, indicating that buy-side support below has not been absent. However, the upside impulse brought by short-term macro stimulus has been largely unwound.
If the $84,000 to $85,000 holding area proves weak, the price may drift lower in search of deeper liquidity. The key defensive zone lies around $82,000 to $83,000. Once this line is broken, the current consolidation-and-accumulation structure will face more substantial pullback tests.