Bitcoin rose 1.7% to around $82,300 on Friday, October 16, as the broader cryptocurrency market recovered, while on-chain data showed the number of wallets holding between 10 and 10,000 BTC reaching a record high.
The global crypto market capitalization increased 2.3% over 24 hours to $2.864 trillion, according to the market data provided.
Large Bitcoin Holder Count Reaches All-Time High
Santiment reported on X that the number of Bitcoin wallets holding between 10 and 10,000 BTC had climbed to 20,338, an all-time high. The analytics firm said the number of wallets in this range had risen sharply since mid-July despite continued volatility in Bitcoin’s price.
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According to Santiment, this wallet cohort has historically shown a close relationship with Bitcoin’s subsequent price direction.
The firm said continued growth in the number of these wallets during periods of price volatility could indicate that larger holders are maintaining confidence in Bitcoin.
According to Santiment, the trend offers an encouraging signal for Bitcoin bulls. While prices could face further near-term pressure, sustained growth among the network’s most influential wallets suggests a stronger foundation for a potential recovery, provided accumulation continues.
Bitcoin Remains Below Its October Opening Price
According to CryptoQuant analyst Andrew Kamsky, Bitcoin is testing critical support near $80,400 after losing its early-October gains.
Bitcoin started October stronger than usual before slipping below its October 1 open of $83,576 in the second week. As of October 15, BTC traded near $80,867, about 3.2% below that open.
Bitcoin’s performance was also lagging historical October trends. Bitcoin recorded an average gain of 6.7% and a median gain of 3.8% by the October 15 open across the 2013–2025 period. In 2026, BTC was approximately 10% below the historical average performance.
Kamsky also noted that Bitcoin, on the 4-hour chart, broke below a rising ascending wedge on October 7, a pattern that had formed over roughly three months. He now places trendline support near $80.4K, close to the October 8 low.
“A sustained hold would keep a rebound toward the former wedge support, now short-term resistance, in focus,” the analyst notes.
“A confirmed 4-hour close below the support trendline would weaken that rebound case and shift attention to prior consolidation areas near $77K, $73.5K, $70K and $64K.”
Glassnode Signals Shallower Downturn
Yesterday, DailyCoin reported that Glassnode analysts see early signs of recovery, with loss-taking declining significantly and profitable holders now accounting for most spending.
Bitcoin has also not closed below its Realized Price during this bear market, which Glassnode says points to a shallower downturn than in previous cycles.
Why This Matters
Record growth in large Bitcoin wallets alongside a retest of key support gives traders two competing signals to weigh. The $80.4K level may determine whether the rebound holds or prior consolidation zones come back into play.
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