Bitcoin’s latest pullback is looking less like a breakdown and more like a pause, as Glassnode says the wave of profit-taking from short-term holders has eased back to average yearly levels after briefly reaching its highest share of exchange inflows in a year.
Bitcoin pullback eases as profit-taking slows
That matters because the market had been absorbing a rare burst of realized gains from traders who bought recently and were quick to sell into strength. When that cohort floods exchanges, it adds immediate supply and can overpower even a strong structural bid. With those flows now normalizing, the most aggressive source of selling pressure is fading — and that shifts the burden back to broader macro conditions and longer-term buyers.
Sentiment IndicatorsⓘProprietary · adalytica.com · October 24, 2026
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Bitcoin is still trading in a fragile technical setup. The token was last near $80,661, below its 50-day moving average of $81,798 and far under the recent $86,171 upper Bollinger Band, while the 200-day moving average sits around $72,900. RSI at 41.5 points to soft momentum rather than panic, and the MACD remains below its signal line, suggesting the market has not yet fully repaired the recent downtrend. But the key point for investors is that the forced-selling phase appears to be losing intensity.
That leaves bitcoin at an important inflection point. The market is already pricing in fear — Adalytica’s Bitcoin Fear & Greed Index sits at 15, or “Extreme Fear” — while the broader risk backdrop remains shaky, with U.S. equity signals also flashing deep caution. Yet the supply overhang from short-term profit takers is no longer worsening, and in crypto that is often how bottoms begin: not with a sudden bullish headline, but with the selling simply running out of steam.
Bitcoin — 30-day sentimentadalytica.com
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For investors, this is the setup to watch. If profit-taking continues to normalize while price holds above the 200-day average, bitcoin can stabilize quickly and invite renewed accumulation from institutions and dip buyers. If not, the market could remain range-bound as macro uncertainty and cautious positioning keep a lid on upside. Either way, the next move likely depends less on on-chain sellers and more on whether fresh capital steps in to meet a market that has already flushed out a large part of the easy profit supply.
| Entity | Gains | Losses |
|---|---|---|
| Bitcoin long-term holders | ▲Less selling pressure | ▼Near-term volatility |
| Short-term profit takers | ▲Protected gains realized | ▼Misses further upside |
| Bitcoin buyers on weakness | ▲Better entry levels | ▼Ongoing macro risk |
| Exchanges/market makers | ▲Higher trading activity | ▼Price instability |
