Loss-selling has carved out another bottom
According to Glassnode data, when BTC dipped to just above $80,000 yesterday, sellers capitulated again, triggering a concentrated wave of loss-taking. The same signal appeared three times—in early August, mid-August, and mid-September—and each time it was followed by a local bottom. Profit-taking has also continued to dwindle since September’s high.
I lean toward a short-term bottom being in. Stop-loss orders and panic sellers around the round-number level were flushed out, and coins changed hands at low cost in the $80,000–$83,000 range. Most of the selling pressure has been released, so in the near term I’m looking for a rebound toward $88,000–$90,000. The $80,000 level must be watched closely: a decisive daily close below it would mean that holders who bought at higher levels haven’t finished capitulating, with $75,000 as the next target.
The strength of the rebound will determine whether this move is a pullback before another push or whether the downtrend continues. The exchange rate is still weakening, so it may be slow to follow the rally; the higher-beta asset is usually the first to take off during a rebound.
In the $80,000–$90,000 range, are you placing limit orders to buy a retest, or chasing this rebound directly?
$BTC $ETH $SOL
According to Glassnode data, when BTC dipped to just above $80,000 yesterday, sellers capitulated again, triggering a concentrated wave of loss-taking. The same signal appeared three times—in early August, mid-August, and mid-September—and each time it was followed by a local bottom. Profit-taking has also continued to dwindle since September’s high.
I lean toward a short-term bottom being in. Stop-loss orders and panic sellers around the round-number level were flushed out, and coins changed hands at low cost in the $80,000–$83,000 range. Most of the selling pressure has been released, so in the near term I’m looking for a rebound toward $88,000–$90,000. The $80,000 level must be watched closely: a decisive daily close below it would mean that holders who bought at higher levels haven’t finished capitulating, with $75,000 as the next target.
The strength of the rebound will determine whether this move is a pullback before another push or whether the downtrend continues. The exchange rate is still weakening, so it may be slow to follow the rally; the higher-beta asset is usually the first to take off during a rebound.
In the $80,000–$90,000 range, are you placing limit orders to buy a retest, or chasing this rebound directly?
$BTC $ETH $SOL