Key highlights:
- Bitcoin’s $68.9K trader cost basis has emerged as a key support level as the recovery continues
- CryptoQuant sees room toward $96.5K, but profit-taking could slow Bitcoin’s advance near the upper band
- A failed reclaim of $68.9K could signal weakening demand and leave Bitcoin’s recovery vulnerable to a deeper pullback
Bitcoin’s latest recovery is approaching a critical test as traders weigh profit-taking against signs that the cryptocurrency’s broader rebound can continue. BTC is trading at $83,727, up nearly 6% over the last 30 days after a strong September recovery.
Bitcoin reclaims traders’ cost basis
CryptoQuant’s latest
A move toward that zone would also put Bitcoin at a substantially larger premium to traders’ cost basis. That could increase the incentive for profitable traders to lock in gains, creating additional selling pressure as Bitcoin advances.
The market therefore faces a test of whether new demand can absorb profit-taking without breaking the recovery. However, a pullback toward the Trader Realized Price would put the recovery under renewed scrutiny.
Holding the $68,900 area and rebounding could indicate that buyers are absorbing supply as traders approach breakeven. That would strengthen the case for another advance toward the upper band.
A sustained move below the level followed by a failed reclaim would send a weaker signal. It could suggest that breakeven selling is overwhelming buying demand and leave Bitcoin vulnerable to a deeper correction.
For now, Bitcoin remains above the trader cost basis, but the $68,900 level has emerged as a key line between a confirmed recovery and a potential loss of momentum. Meanwhile, Kalshi traders are betting that BTC could hit $92,000 in October amid strong inflows into Bitcoin ETF funds.
Source:: Bitcoin Price Hovers Between Profit-Taking and Trend Confirmation, Says CryptoQuant