Bitcoin Price Slips Below $85K Amid Correction Risk
Bitcoin's price has stalled below $85,000 after holders realized their largest single-day profit this year on September 22. According to CryptoQuant, a total of 25,700 BTC in profits were taken that day, with traders' unrealized profit margin reaching 33% - the highest since December 2024.
CryptoQuant's head of research, Julio Moreno, described these signals as 'typical of a rally losing momentum and risks of correction.' The firm puts first support at $80,000, which is about 4% below Wednesday's price.
However, K33 Research takes a different view, seeing low spot volume during the rise as a sign of sustained sell-side exhaustion. Bitcoin briefly cleared $85,000 on Wednesday morning but slipped back toward $83,700.
CryptoQuant also notes that spot demand has shrunk by 170,000 BTC over 30 days, while growth in futures demand slowed from 164,000 BTC to 16,000 BTC.