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Bitcoin slips after failing to sustain a breakout above $85,000

Glassnode said combined spot exchange and US spot Bitcoin ETF trading averaged $6.8 billion a day over the seven days through Oct. 6, below 90% of days since January 2024.

Reported · Written up by our desk · Market Structure

Bitcoin fell nearly 5% over the week after attempts to reclaim $85,000 were blunted by weak trading volume and profit-taking, with the largest cryptocurrency around $83,100 as of press time.

The breakout attempt failed to hold, as Bitcoin slipped beneath sell orders placed near the $85,000 area, and buyers around that level later gave way.

Glassnode analysis highlighted two on-chain pressures, unusually weak participation and a sizable pool of recent buyers holding profits, according to CryptoSlate.

CryptoSlate noted that combined Bitcoin trading across spot exchanges and US spot exchange-traded funds averaged about $6.8 billion a day over the seven days through Oct. 6, and Glassnode said that was lower than 90% of trading days since January 2024.

Latest closeBitcoin $81,906.63 ▼1.4%

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