The volatile price action repeated, but bitcoin failed to breach $82,500 and instead dropped sharply to $81,180. By 1:35 p.m., after a brief dip below the $81,000 level, the price hovered near $81,300, leaving bitcoin down more than 1% for the day.
Analysts Point to Potential Bottom Signals
Despite the short-term pullback, several market observers shared potential bottom signals. Blockchain analytics firm Glassnode observed that bitcoin sellers capitulated again Thursday, noting that recent bursts of loss-taking coincided directly with local bottoms in early August, mid-August, and mid-September. With profit-taking slowing since the September peak, Glassnode suggested that if the pattern holds, Thursday’s selling just above $80,000 could mark the local price floor.
Similarly, investment research firm Rand Group noted in a post on X Friday that a key technical indicator, the Bitcoin Market Value to Realized Value (MVRV) Momentum Oscillator, turned positive. According to Rand Group, the metric “printed again at $83K,” marking a signal that historically called every previous bitcoin cycle bottom.
Meanwhile, because bitcoin remained largely within the $81,500-to-$82,500 range during the session, forced liquidations across both long and short leveraged positions were markedly lower over the 24-hour period. Coinglass data showed total bitcoin liquidations were capped just above $56 million, down from $214 million the previous day. Total liquidations across the broader crypto market fell to $290 million, compared with $929 million during the same timeframe a day earlier.
