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On-chain analytics firm Glassnode said capitulation selling has reappeared in the Bitcoin market, suggesting a short-term bottom may have formed near $80,000 based on past patterns.
In a post on its official X account, Glassnode said seller capitulation resurfaced in the Bitcoin market on Oct. 15. It added that stop-loss selling surged in early and mid-August and again in mid-September, and each episode coincided with Bitcoin forming a short-term low. Glassnode also said profit-taking since Bitcoin’s September peak has eased. If that pattern repeats, the selling seen yesterday around $80,000 could indicate a short-term low for the current correction.