Bitcoin Price Recovers as Wallets Holding 10 to 10,000 BTC Reach Record High

Key Insights:

• Santiment data shows 20,338 Bitcoin addresses hold between 10 and 10,000 BTC, a record high after growth since mid-July.
• Bitcoin price closed another session above its 50-day EMA and 50-day SMA.
• Analyst Ted highlighted $80,500 as key near-term BTC support.

Bitcoin price recovered above $82,000 on Oct. 16 after falling below $80,000 during the previous session. The rebound followed three consecutive days of weakness across the cryptocurrency market.

Meanwhile, Santiment reported that addresses holding between 10 and 10,000 BTC reached a record 20,338. The milestone suggested continued growth in the number of large-balance addresses despite recent volatility.

However, renewed outflows from U.S. spot Bitcoin ETFs complicated the outlook for recovery. Traders are monitoring whether BTC can maintain support around $80,500 and reclaim higher resistance levels.

Bitcoin traded near $82,323 on October 16, reversing part of the decline that pushed the cryptocurrency below $80,000 the previous day. Selling followed the release of September U.S. consumer inflation data, which exceeded market expectations. Annual inflation reached 3.7%, renewing questions about the Federal Reserve’s interest-rate outlook.

Bitcoin and several other major cryptocurrencies lost ground as the market reacted to the report. The recovery interrupted a three-day losing streak but left BTC below the $83,500 to $84,000 range seen before the latest downturn.

Bitcoin price also remained under the recent highs near $87,000 reached earlier in October.

Santiment reported that 20,338 wallets held between 10 and 10,000 BTC, the highest count in its tracked data. The analytics firm recorded a steady increase in this group from mid-July through mid-October. The rise continued through several periods of Bitcoin price volatility, including the latest market decline.

Santiment follows these addresses because larger Bitcoin balances have historically moved alongside changes in market conditions. The firm described the increase as a sign that large holders continued maintaining exposure while BTC prices moved unevenly.

A wallet does not necessarily represent a separate investor. Exchanges, custodians, and individual holders can control multiple addresses, and a single address may serve multiple customers. The record wallet count, therefore, describes address distribution.

Crypto analyst Ted reported another daily close above Bitcoin’s 50-day exponential moving average and 50-day simple moving average. The accompanying daily trading data placed the exponential average near $81,506 and the simple average around $81,298.

Ted identified $80,500 as the level to monitor for continued buyer control. That threshold sits below both moving averages and near the area Bitcoin price crossed during its recent recovery.

His chart also placed the upper boundary of a longer-term bull market support band near $75,672, with the lower boundary around $71,156.

U.S. spot Bitcoin exchange-traded funds recorded approximately $261.4 million in net outflows on the day of the inflation release. Preliminary readings indicated smaller withdrawals during the following session.

The next nearby resistance area lies between $83,500 and $84,000, where Bitcoin traded prior to the recent decline. Above that range, previous price activity places $85,000 to $87,000 in focus. Bitcoin approached $87,000 earlier in October before sellers pushed the price lower.

On the downside, $80,500 remains the level Ted identified for the current recovery. A move below $80,000 would return attention to the $78,000 area, while a sustained move above $84,000 would mark a further recovery.

This article is for informational purposes only and does not constitute financial or investment advice.

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