Key Insights
- Bitcoin’s rally is showing signs of a crack and is stalling around $84,000
- Profit-taking on the top crypto has reached a 2026 high as profit margins increase
- Analysts say the price could drop to $80,000 if it does not break above the current stalling point.
Bitcoin’s price dipped beneath $83,000 during Tuesday’s session before staging a recovery toward $83,100 on Sept. 30. This movement followed an eight-month peak near $87,400, reinforcing signs that the recent upward surge has lost some of its short-term vigor.
On-chain researchers are closely monitoring the $84,000–$85,000 zone, where Glassnode has pinpointed Bitcoin’s heaviest concentration of long-term-holder supply. Simultaneously, profit-taking has accelerated as short-term market participants sit on unrealized margins not seen since late 2024.
Bitcoin Price Falls Below $84K-$85K Supply Cluster
Glassnode designated the $84,000–$85,000 range as Bitcoin’s most substantial long-term-holder cost-basis cluster, noting that a greater volume of long-term-held BTC resides in this band than in any other comparable price interval.
Consequently, this zone functions as a critical technical and on-chain benchmark now that the cryptocurrency has slipped below it.
Earlier in the month, Bitcoin traded above this threshold. Research published by Glassnode on Sept. 23 indicated that the price had successfully cleared the band after it served as a resistance ceiling throughout much of the year.
The recent market retreat has pushed that exact zone back into the spotlight.
According to CoinMarketCap, Bitcoin hovered near $83,100 on Sept. 30, following a trading price of approximately $83,661 the day before. At the latest observation, BTC registered a 24-hour decline of roughly 0.8%.
CryptoQuant data shows that Bitcoin touched approximately $87,400 over the preceding week, marking its highest valuation in eight months.
Establishing a sustained position back above $85,000 would consequently reinforce the recovery effort, whereas failing to reclaim this cluster will keep focus directed toward lower support levels.
Profit Taking Reaches Its Highest Level in 2026
Interestingly, Bitcoin had previously climbed even higher, reaching up to $87,000 before enduring a drop exceeding 3% over the course of seven days. A primary catalyst behind this downward correction has been aggressive profit-taking by holders.
CryptoQuant reported that profit-taking hit an annual peak on Sept. 22, with 25,700 BTC realized in profits—marking the largest single-day total recorded in 2026.
In addition, traders’ profit margins have widened substantially. Data from CryptoQuant indicates that the on-chain unrealized profit margin climbed to 33%, reaching its highest point since December 2024.
Such extended margins indicate that market participants possess ample opportunity to lock in gains, a dynamic that historically precedes selling pressure and downward price corrections.
Analysts at CryptoQuant now anticipate a potential price pullback, observing that while the broader rally remains active, it is already displaying fractures and losing momentum.
“Last week’s close above the 365-day MA confirmed a bull market, as CryptoQuant’s Bitcoin Bull Score Index sits at an extremely bullish 90/100. Yet after an eight-month high of $87.4K, several signals suggest the rally is losing momentum, and a pullback could follow,” they wrote.
Analysts Warn Bitcoin Could Fall to $80,000
CryptoQuant analysts have identified $80,000 as the initial support marker to watch should a deeper retracement materialize.
While this outcome is not guaranteed, apprehensions regarding a pullback are well-founded, particularly with open interest currently resting at its lowest mark since March. Leverage served as a primary driver behind Bitcoin’s recent advance, with surging prices triggering billions of dollars in liquidations.
However, Glassnode analysts point out that Bitcoin-denominated open interest has dropped 20% from its August low, even as the asset’s price rose 35% across that same timeframe. This divergence implies that leverage is no longer exerting a dominant influence on price action.
Even so, researchers maintain that the leading cryptocurrency can sustain its upward trajectory, provided it breaches the current barrier and defends a price above $85,000.
This article is for informational purposes only and does not constitute financial or investment advice. Technical and on-chain levels remain conditional.