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Bitcoin price struggled near $80,000 on Monday, Oct. 26, following three consecutive weekly losses. Selling pressure persisted despite renewed buying activity around the psychological support level.
Analysts identified competing liquidity concentrations near $79,000 and $82,000. Meanwhile, Glassnode reported weakening spot demand as traders prepared for the Federal Reserve’s interest rate decision.
Bitcoin Price Struggles Near $80k After Weekend Selling
Bitcoin has been trading around $80,000 and $86,000 in the last two weeks, but there has been no recovery. The weakness persisted into the weekend, and BTC closed in a bearish weekly closing candle for the third straight week.
The decline followed a difficult week across financial markets, as technology shares fell and rising oil prices raised inflation concerns. Selling pressure increased on Thursday when U.S. spot Bitcoin ETFs recorded more than $635 million in withdrawals.
Bitcoin consequently entered Monday under pressure, briefly falling to $79,631 before recovering to an intraday high of $80,392.80. The price later eased toward $80,270 as sellers returned near the $80,400 resistance level.
Crypto analyst Ted had warned that spot sellers remained active, although he later reported that dip buyers had returned on Binance. The rebound followed buying around $80,000, where large orders had previously helped support Bitcoin during declines.
BTC On-chain Data Shows Buyers Returning
The buying interest around $80,000 comes as on-chain data shows that several major investor groups hold Bitcoin near this level. According to Glassnode’s October 21 report, corporate treasury holders had an estimated average purchase price of $80,200.
U.S. spot Bitcoin ETFs had a near-cost basis, while the average cost for active investors was lower at approximately $77,600. Glassnode found that Binance buy orders near $80,000 had recovered after being filled during the October 15 selloff.
Institutional demand, however, has been slow and steady over the past few years, within the same price range. According to a recent report on Bitcoin ETF inflows, the funds pulled in $528.40 million on Oct. 21, only to see the withdrawals begin on Oct. 22.
This imbalance in demand was evident in Monday’s trading, as BTCUSDT cumulative volume delta climbed to around 25.45 million during the rally. A few other tracked trading pairs saw declines, but not enough to suggest that buying was strong across the board.
The Fear and Greed Index, meanwhile, was neutral, at 50, indicating a lack of market direction.
Bitcoin Price Prediction: Can BTC Break Above $82,000?
The struggle to maintain buying momentum has left analysts watching to see whether Bitcoin can recover above $82,000 or continue to correct.
Analyst Ali Charts reported that BTC had broken a rising parallel channel on the four-hour chart. He identified $82,000 as resistance and projected a possible decline toward $72,500 if selling continued.
“That’s where I’ll be looking for the next buying opportunity,” Ali wrote, referring to the $72,500 level.
Ted identified liquidity concentrations near $81,500 and $79,000, with selling pressure increasing the possibility of testing lower levels first. He reported more than $80 million in bids ranging from $78,000 to $79,000, although those orders remain subject to change.
Bitcoin must first clear $80,400 before challenging the resistance areas around $81,500 and $82,000. A sustained move above those levels could open the way toward $84,000, while losing $79,200 could expose $76,000.
The next market test comes on October 28, when the Federal Reserve announces its interest rate decision. U.S. inflation and third-quarter GDP figures are due on October 29, providing traders with further economic data as Bitcoin tests support.
This article provides information, not financial advice. Cryptocurrency investments carry substantial volatility and potential losses. Readers should conduct independent research before making investment decisions.
