Bitcoin is trading near $83,220, having recently pulled back from above the $85,000 resistance level. Market analysts are examining whether current price levels could represent a near-term bottom for the largest cryptocurrency.
Market data presents a mixed picture. According to on-chain metrics, approximately 71.04% of Bitcoin's supply is currently in profit, while 28.96% remains in loss. This distribution suggests elevated market stress despite most holders retaining profitability.
Institutional demand has shown signs of weakness. Data from Coinbase indicates the premium gap plunged to approximately -$107, meaning Bitcoin is trading at a discount on Coinbase relative to other exchanges. Additionally, Bitcoin ETFs recorded $65.40 million in outflows on October 12.
Market pressure intensified with 169,781 traders liquidated in the past 24 hours, resulting in total liquidations of $811.79 million. On-chain analysis from Glassnode showed declining spot, futures, and ETF indicators with moderate risk signals across multiple markets.
Some market participants suggest conditions for a potential bottom are improving, though they note that confirmation would require sustained ETF inflows, stronger U.S. spot buying, and continued demand recovery. Other analysts characterize Bitcoin as currently in an accumulation-to-neutral phase rather than a confirmed bull run, suggesting a more sustainable rally may still require further development.
