Bitcoin was trading at about $82,300 while its daily chart flashed a hidden bullish divergence, a technical signal suggesting the uptrend from the Sept. 15 low may still be intact. That constructive setup, however, is being tested by weaker holder accumulation and ETF outflows.
Glassnode data showed the monthly net position change of long-term holders fell 96%, dropping from a peak of 25,734 BTC on Sept. 20 to 1,051 BTC on Oct. 8. The reading marked the weakest positive growth in three months. Over the same period, spot Bitcoin ETFs recorded net outflows of $731 million across Oct. 7 and Oct. 8.
The analysis cited several price levels to watch. Bitcoin needs a daily close above $83,300 and a break of the $88,100 Fibonacci resistance level to potentially bring holders back in. On the downside, if BTC falls below the recent low of $80,400, the hidden bullish divergence would be invalidated, opening the way for a move toward the $75,000 support area.
Bitcoin (BTC) was trading at about $82,300, with its daily chart showing a hidden bullish divergence that suggests the uptrend from the Sept. 15 low may continue, according to Techub News.
At the same time, Glassnode data showed long-term holders have been buying far less aggressively. Monthly net position change fell 96%, sliding from a Sept. 20 peak of 25,734 BTC to 1,051 BTC on Oct. 8. That was the weakest positive growth in three months.
Spot Bitcoin ETFs also saw money leave the market. Net outflows totaled $731 million across Oct. 7 and Oct. 8.
The analysis said BTC needs a daily close above $83,300 and then a break above the $88,100 Fibonacci resistance level to potentially draw holders back. If price drops below the recent low of $80,400, the hidden bullish divergence would be invalidated, with $75,000 identified as the next support level.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
