- CryptoQuant’s short-term holder net profit and loss to exchanges turned negative at -3,022 BTC, its first negative reading in 72 days.
- Glassnode identifies $75,800 as a potential retest level, noting that a pullback to the short-term holder cost basis could remain consistent with an uptrend.
- Analyst flags $73,000 as a downside level, while Bitcoin faces immediate support at 76,000–77,000 and resistance between $78,000 and $82,000.
Bitcoin’s decline toward $77,000 has raised concerns as short-term holders begin sending coins to exchanges at losses. CryptoQuant recorded the first negative reading in 72 days, while Ali Charts identified $73,000 as a level to watch. Meanwhile, Glassnode says Bitcoin could retest lower cost-basis levels without disrupting its broader recovery setup.
Short-Term Holders Turn to Selling at a Loss
CryptoQuant reported that short-term holders’ net profit and loss to exchanges fell to -3,022 BTC on a seven-day average. The reading dropped from +21,182 on October 24, marking its first negative result since August 18.
Bitcoin also fell from $83,600 to $77,800 over nine days. CryptoQuant said recent buyers are now underwater and selling into weakness.
The analytics firm compared the latest shift with two previous cases. In January, the reading turned negative near $89,000, while May saw another shift around $76,900. The metric later reached -60,768 and -41,364, respectively, as Bitcoin fell 28.5% and 23.2% before bottoming.
Glassnode Identifies $75,800 as a Retest Level
Glassnode said Bitcoin is retesting the True Market Mean. The firm added that a decline toward the short-term holder cost basis of $75,800 could still fit an uptrend. Glassnode also cited a similar retest in mid-September.
That pullback occurred days before the market reached its subsequent high. However, the four-hour Binance chart shows continued technical weakness. Bitcoin traded at $77,159.34 on October 31, after declining from approximately $86,000 in early October.
Analyst Watches $73,000 as Support Weakens
Ali Charts identified $73,000 as a potential level if selling accelerates following the Binance hack and upcoming U.S. midterm elections. The analyst linked that price to short-term holders’ average acquisition cost.
On the chart, immediate support is between $76,000 and $77,000. A breakdown could expose $74,000 and then $72,000. Meanwhile, resistance stands at $78,000, followed by 80,000–82,000.
The relative strength index stood at 35.21, below its average of 39.11. The MACD remained negative, with its line at -955.30 and signal line at -710.12. Its histogram read -245.18, while elevated trading volume accompanied the latest decline.
