Bitcoin plunged below the $83,000 mark on Thursday morning and continues to struggle to climb back into safe territory. The price drop immediately dented market expectations accustomed to enjoying a profitable cycle in the tenth month. Historically, October is widely dubbed “Uptober.” Nansen data reveals that 10 of the last 13 Octobers since 2013 closed in the green, with median returns reaching 14%.
Luke Deans of Bitwise Europe emphasized that the $83,000 area carries double significance for market price action. The level combines the average cost basis of ETF providers (ETF cost basis) with a crucial technical threshold that has previously been tested multiple times. Losing ground at this point has forced analysts to look for lower levels capable of absorbing selling pressure before losses continue.
Why $77,000 Is the Strongest Support
Ananda Banerjee of Charlie Quant Lab identified Bitcoin’s strongest current support at $77,000. That conclusion was drawn from observing large-scale on-chain supply clusters where massive coin accumulation occurred. These on-chain supply clusters act as a saturation zone where major buyers previously soaked up assets flooding the market.
Calculations by the Bitwise team also reinforce this $77,000 thesis, as it coincides with the True Market Mean metric. The indicator represents the average acquisition price paid by active investor cohorts. Holding above this level serves as a vital signal that market momentum remains under buyer control.
Two Safety Layers Before the Trend Reverses
If the $77,000 threshold is breached by further selling, the next bounce level is mapped at $74,000. That $74,000 figure aligns with the Short-Term Holder Cost Basis, representing the cost basis for short-term holders.
Should the $74,000 mark also break under selling pressure, the ultimate technical defense rests at the 200-day moving average currently spanning around $72,000. Breaking below that line would completely reverse the market’s price structure trend.
Bitfinex analysts noted that Bitcoin’s consolidation range actually remains trapped between $84,000 and the yearly open at $87,722. All these moves hinge on a single directional catalyst: the release of US September inflation (CPI) data scheduled for October 14, 2026.
The month eagerly anticipated to bring profits has now turned into a proving ground. Over a decade of historical records will mean nothing if the final wall at $72,000 is leveled to the ground.
Reported via Decrypt.
Also read: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
