Bitcoin traded below $84,000 on Thursday, extending a pullback from Monday's rally to $87,395. The cryptocurrency has since recovered slightly to around $84,200, but the short-term trend remains under pressure as profit-taking continues.
Data from Santiment shows that the Network Realized Profit/Loss metric spiked to its highest level since December 12, 2025, during Monday's surge. This indicates that a significant number of holders moved coins at a profit, adding supply to the market and contributing to the subsequent decline.
Despite the price drop, institutional demand has remained robust. US spot Bitcoin ETFs recorded $190.65 million in net inflows on Thursday, marking the sixth consecutive day of positive flows, according to SoSoValue. This sustained buying helps absorb some of the selling pressure from profit-takers.
Larger holders have also been accumulating. Wallets holding between 100 and 1,000 BTC have increased their combined balances by 2.22% since July 15, adding roughly 113,950 BTC, worth about $9.5 billion at current prices. This behavior suggests that long-term investors are using the dip to add exposure rather than distribute.
Technically, Bitcoin remains above its key moving averages. The 50-day EMA sits near $76,096, while the 100-day and 200-day EMAs are around $73,060 and $73,858, respectively. Trading above these levels keeps the broader bullish structure intact, but a deeper correction could target the 50-day EMA as the first major support.
The Relative Strength Index is near 64, indicating positive momentum without being overbought. The MACD histogram remains positive, though slowing, suggesting that upward pressure has not fully reversed.
The immediate resistance is at $85,000. A decisive close above that level would signal that buyers have absorbed the recent profit-taking and could pave the way for a retest of $87,395 and eventually $100,000. On the downside, failure to hold the $83,000 area could lead to a test of the 50-day EMA at $76,096.
Further support lies at the 200-day EMA near $73,858 and the 100-day EMA around $73,060. Horizontal support levels at $66,500 and $62,300 would represent a much deeper correction, but the broader trend remains bullish as long as these floors hold.
For now, Bitcoin is caught between profit-taking and continued accumulation. ETF inflows and whale buying support the recovery thesis, but bulls need to reclaim $85,000 to confirm that the correction is over.
This article is for informational purposes only and does not constitute financial advice.
