Bitcoin Trades Near $85.8K One Year After All-Time High
Exactly one year after Bitcoin's all-time high above $126,000, the cryptocurrency is trading near $85,860 today. While some models, like one from 4chan, predicted October 6 as a cycle bottom, Bitcoin actually bottomed on June 30 at just below $59,000, marking a 53% drop from its peak. Currently, BTC is down around 32% from its high, a lesser decline compared to the 70% to 82% drawdowns seen after previous peaks.
Traders are watching a key hurdle near $90,000, where Binance shows heavy sell orders. These large limit orders at round numbers can indicate profit-taking, hedging, or even spoofing tactics designed to influence market sentiment. Glassnode identified a significant short liquidation cluster near $90,000, with smaller clusters at $83,000 and $75,000, suggesting potential volatility if the price reaches these levels.
In the past 24 hours, Bitcoin saw $161.17 million in total liquidations, with $51.20 million attributed to Bitcoin alone. The cryptocurrency's market cap stands at $1.72 trillion, with a 24-hour trading volume of $25.72 billion. Weaker spot demand and higher interest rates, with the 10-year Treasury yield holding between 5.26% and 5.34%, have contributed to the recent downturn.
On the corporate side, Strategy acquired 334 BTC between October 1 and 4, increasing its holdings to 848,000 BTC. Metaplanet also reported a net gain of 1,000 BTC for the third quarter, bringing its total holdings to 44,000 BTC. Additionally, major U.S. banks are raising their Bitcoin exposure, with BlackRock and JPMorgan seeking stronger custody and trading infrastructure as regulations clarify.