Bitcoin traded near $78,475 on Friday, October 30, after a steep selloff, with order-book data showing substantial bids below the market. The order book displayed a 52:48 bid-to-ask split and a $7.95 million bid wall at $78,195.90, while a $7.12 million ask wall sat at $78,810.10. BTC rebounded from a $76,500 low but remained below immediate resistance at $79,250, with the 12-hour high at $81,971 and the 12-hour low at $77,910.
CryptoQuant estimated that $11.1 billion in Deribit BTC options were scheduled to expire on October 30. The near-balanced liquidity suggested buyers remained active despite the Binance breach and hotter U.S. inflation, though analysts cautioned it did not establish a lasting recovery. As a result, Bitcoin’s price may remain unsettled through October’s monthly close.
By October 31, Bitcoin traded at $77,159.34, down from roughly $86,000 in early October. CryptoQuant reported that short-term holder net profit and loss to exchanges turned negative at -3,022 BTC on a seven-day average, its first negative reading in 72 days. The metric had dropped from +21,182 on October 24 and was last negative on August 18. Bitcoin fell from roughly $83,600 to $77,800 over nine days, and CryptoQuant said recent buyers are now underwater and selling into weakness. The analytics firm compared the shift to January, when the reading turned negative near $89,000, and May, when it shifted near $76,900; in those episodes the metric later reached -60,768 and -41,364 as Bitcoin fell 28.5% and 23.2% before bottoming.
Glassnode identified $75,800 as a potential retest level, noting that a pullback to the short-term holder cost basis could remain consistent with an uptrend. The firm said Bitcoin is retesting its True Market Mean and cited a similar retest in mid-September, days before the market hit a subsequent high. However, Ali Charts flagged $73,000 as a downside level if selling accelerates following the Binance hack and upcoming U.S. midterm elections, linking that level to short-term holders’ average acquisition cost.
Immediate support sits between $76,000 and $77,000, with a breakdown potentially exposing $74,000 and then $72,000. Resistance is at $78,000, followed by $80,000–$82,000. Technical indicators remained weak: the relative strength index stood at 35.21, below its average of 39.11, while the MACD line was -955.30 against a signal line of -710.12 and a histogram of -245.18, with elevated trading volume accompanying the decline.
