Bitcoin Holds Above $80,000 as Profit-Taking Tests Market Support

Bitcoin (BTC) remained above $80,000 for more than three weeks as of Oct. 13, while profit-taking by recent holders and repeated intraday tests kept the level central to the market’s near-term setup. Bitcoin closed the first week of October down more than 3%, then repeatedly moved lower intraday toward $80,000 during the following two weeks. A sustained break below the level could bring the short-term holder cost basis near $75,000 into focus. About 86% of Bitcoin deposited to exchanges in early October came from short-term holders whose coins were in profit.

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