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UNIGlassnode says Bitcoin's $80,000 support is thinning after 15 Oct dip
Bitcoin dipped to $79,800 on 15 Oct before rebounding above $82,000, but Glassnode's order book data shows fewer bids below $80,000 than before.
Why it matters: Glassnode's order book data suggests the $80,000 floor that absorbed 15 Oct's dip may offer less protection if Bitcoin tests it again.
Key points
- Glassnode says large $80,000 bids on Binance were filled on 15 Oct as Bitcoin fell to $79,800.
- About $930m in leveraged positions were wiped out in the dip, $780m of them longs, with $53m in shorts liquidated on the bounce.
Glassnode says Bitcoin's $80,000 support is eroding after large buy orders at that level were filled on 15 Oct, when the price dipped to $79,800 on Binance's BTC/USDT spot book. The analytics firm posted a heatmap of resting orders showing a thick wall of bids at $80,000 that had sat there all week being eaten into between 13:00 and 14:00 UTC.
According to Glassnode's annotations, a fresh large bid appeared just under $80,000 about 20 minutes later, and buyers kept stepping up bids through the afternoon. Bitcoin climbed to an intraday high of $82,634, and a new resting bid formed near $82,000 in the evening, a level the price has held above since. Glassnode's warning that support is weakening means the stack of buy orders below $80,000 is now smaller than before the refill, so a fresh test of that level would meet less resistance.
The leverage picture points the same way. About $930m in leveraged positions were wiped out in the dip, $780m of them longs, while $53m in shorts were liquidated on the bounce. That squeeze helped Bitcoin recover above $82,000, though Glassnode notes such moves give a one-time lift rather than sustained buying.
US spot Bitcoin and ether ETFs lost $391m in a single session.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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