Bitcoin has been consolidating above $80,000 for over three weeks, but the lack of buyers and weak trading volumes (around $6.8 billion per day) are putting this support at risk. About 86% of Bitcoin deposited on exchanges in early October came from short-term holders in profit, ready to sell at the first sign of weakness. The $75,000 level, representing the short-term holder cost basis, could be tested if the $80,000 support breaks. Additionally, dormant wallets containing thousands of Bitcoin have recently been reactivated, increasing the risk of selling pressure.
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