Bitcoin Falls Back Below $85,000, Support Sits Around $81,000
Glassnode sees the strongest bids on Binance around $81,000, while weak ETF and spot volumes add to the pullback after the Fed minutes.
Key Takeaways
- Bitcoin fell back below $85,000 this week and was trading around $83,079 at publication, 1.8% lower than 24 hours earlier.
- Glassnode sees the strongest buy orders on Binance between $81,000 and $81,250 and calls $81,000 the next key level.
- The recent rally happened on weak volume; Bitcoin once again reacted to U.S. macro data and Fed minutes.
Bitcoin slipped back below $85,000 (€76,000) this week, a few days after the coin set a daily close above that level for the first time. According to Glassnode, that happened on weak trading volume, while new capital came in only slowly. The company’s data dashboard now puts $81,000 (€72,500) as the next level to watch, because that is where the biggest buy orders sit on Binance.
Weak Inflows After the Breakout
The recent move fits a pattern Glassnode has also seen around U.S. macro data before. After three earlier releases from the U.S., Bitcoin first jumped briefly and then gave back the gains within twelve hours. This time, too, BTC first reacted to Wednesday’s Fed minutes, in which most policymakers still saw another rate hike this year as appropriate, before slipping again. Earlier this week, the reaction to the Fed minutes also showed how quickly Bitcoin can flip on a hawkish signal.
Around publication time, Bitcoin was trading at $83,079 (€74,300), 1.8% lower than 24 hours earlier. That put the price back down from the level above $85,000 (€76,000) that had still held at the start of October. Glassnode also reported that combined spot and ETF volumes averaged about $6.8 billion (€6.1 billion) per day on a seven-day average, a level that was lower than on 9 of the 10 days since January 2024.
Where Buyers Are Sitting Now
On the Binance order book, Glassnode sees the strongest bids between $81,000 (€72,500) and $81,250 (€72,700). According to the company, those orders have been there since October 3. Just above that sits a cluster of liquidations between roughly $81,700 (€73,100) and $83,300 (€74,500). If the price breaks through there, forced selling from leveraged positions could speed up the drop.
On the upside, resistance comes first around $85,500 (€76,500), followed by a block of sell orders between $86,500 (€77,400) and $86,750 (€77,600). Above that is an even larger group of short liquidations, with the heaviest concentration around $92,000 (€82,300). For now, the market is mainly watching whether buying interest around $81,000 (€72,500) holds up.
Why This Matters for Europe
For European crypto investors, this matters mainly because Bitcoin is once again proving sensitive to U.S. macro data and ETF flows. That makes the price less dependent on spot demand alone and more tied to broader liquidity in the market. The CPI data on October 14 is the next major test, just ahead of the Fed meeting later that month.
