Glassnode says renewed Bitcoin loss selling has previously coincided with local bottoms, raising the possibility of seller exhaustion near $80,000. Binance Bitcoin funding rates fell to -0.00
Bitcoin is trading near $81,470 as renewed loss selling, negative futures funding and hotter inflation data weigh on market sentiment. Glassnode says previous bursts of loss selling preceded local bottoms, while analyst Darkfost reports Binance Bitcoin funding rates have fallen to -0.0073%. Both analysts identify $80,000 as a key level as traders assess whether selling has peaked.
According to Glassnode, Bitcoin sellers capitulated again during the latest session, with loss selling previously occurring near local bottoms in early August, mid-August and mid-September. The firm also noted that profit-taking has slowed since September's high.
Glassnode said the latest selling just above $80,000 could mark a floor if the earlier pattern continues. However, Bitcoin's four-hour Binance chart shows continued weakness after its rally toward 86,000–87,000.
Bitcoin climbed from approximately $75,000 in mid-September before reversing in early October. Sellers subsequently pushed the price below $84,000 and toward $81,000. The chart recorded BTC at $81,470.54 on October 17, 2026, down $27.30, or 0.03%.
Analyst Darkfost reported that Binance's Bitcoin funding rate had turned negative at -0.0073%, indicating that short positions dominate derivatives positioning. The last comparable occurrence came in June, when BTC traded around $62,000.
Darkfost explained that Binance applies a 0.01% interest rate in its funding formula. Therefore, a reading below zero indicates a wider imbalance favoring short positions than a neutral rate alone suggests.
https://twitter.com/Darkfost_Coc/status/2110826750376591451?s=20Meanwhile, hotter-than-expected consumer price index and producer price index readings have increased concerns about a potential rate hike. Bitcoin had also corrected sharply after rising above $87,000 several days earlier.
Darkfost noted that bearish consensus has sometimes preceded trend reversals, although those moves can be brief or last longer. The analyst identified $80,000 and $74,000 as important technical areas.
Bitcoin's Relative Strength Index stands at 43.19, below its average of 43.57 and the neutral 50 threshold. The reading indicates subdued momentum, although BTC has not reached oversold territory.
Source: TradingView
The MACD histogram is negative at -14.69, while the MACD line at -347.69 remains below the signal line at -332.99. Support sits around 80,000–81,000, with $78,000 below that zone. Resistance lies at 82,000–84,000, followed by 86,000–87,000.
