Bitcoin (BTC) Short-Term Holders Move 19,800 BTC to Exchanges

Bitcoin (BTC) short-term holders transferred 19,800 BTC to exchanges in 24 hours as the price repeatedly tested $80,000 and dipped below it, with the transfers split between coins moved at a profit and at a loss.

Of the total, 11,300 BTC moved at a profit and 8,500 BTC at a loss. Darkfost described short-term holder activity outside an Oct. 8 spike as “getting calmer” and characterized the latest total as moderate compared with levels from recent months.

Exchange transfers show coins reaching trading venues, but they do not confirm that holders sold them.

Doctor Profit’s long positions have an average entry price of $80,400 after entries from $80,000 to $81,000. He put the average entry price for his spot holdings at $60,000 to $64,000 and marked the $79,000 to $81,000 band as an accumulation area.

He is maintaining a $94,000 target and wants Bitcoin to move back above its 50-day exponential moving average (EMA), then close a daily session above the indicator.

Doctor Profit previously projected a move above $82,500 toward $88,000, then later anticipated a pullback toward $79,000. After Bitcoin fell from $88,000 toward $80,000, he said he closed a short position at $80,600, added spot Bitcoin and opened a long.

Doctor Profit attributed near-term pressure to retail selling and futures shorts, while saying midterm and long-term holders were reluctant to sell. He also challenged a Fear & Greed Index reading of 54, saying it understated fear among recent buyers and sellers.

The Federal Reserve is scheduled to announce its policy decision Oct. 28.