Bitcoin Consolidates Above $83,000 as Upside Momentum Wanes

Bitcoin (BTC) is currently trading around $85,416, marking a slight decline of 0.4% as it continues to consolidate above the $83,000 mark. Analysts at Swissblock note that while another upward push toward $87,500 to $90,000 remains possible, each attempt is losing momentum. The overall upside structure persists, but the driving force behind it is gradually weakening.

A key concern is the Risk Index, which could signal a regime change if it destabilizes. According to Glassnode data, large entities have returned to profitability, while smaller wallets have remained profitable throughout, holding well above their $48,000 cost basis from the June low. In contrast, sharks and whales have dipped into losses. This contrasts with the 2022 bear market, where prices fell below every group’s cost basis.