Reviewed by Reviewed by Renuka Tahelyani Updated 08:00 EDT October 11, 2026 Share Share Share Back to Top The Bitcoin [BTC] bullish structure AMBCrypto reported on recently was still in play, but the market sentiment could be shifting. In a post on X, crypto intelligence platform Alphractal observed that the market sentiment was no longer bullish
The Sentiment Gauge score has fallen below 50 after the market-wide correction earlier this month. Earlier, Santiment data had shown that $1.03 billion in profits were realized by Bitcoin holders
The 2nd-largest wave of profit-taking in 2026 contributed to the shifting sentiment, and there was evidence that demand was also weakening
The shift in sentiment and weakened demand could make it difficult for Bitcoin to break above the $84k supply zone overhead. The liquidation heatmap showed the $83.6k-$85k area as a magnetic zone that can pull prices higher
Without spot demand, a move into this liquidity cluster could become a short squeeze before Bitcoin continues to correct further and fall below $80k
The $80.5k represented the invested capital cost basis level. Bitcoin prices have oscillated around this level over the past six weeks. It was a pattern similar to the one exhibited in late 2025 and early 2026
Crypto analyst Darkfost pointed out that the invested capital cost basis marks the line where investors, on average, are on the line between profit and loss
The realized price only uses the purchase price, while the metric above also takes into account the volume of capital invested. At the time of writing, the $80.5k level is a key support to watch
There was a silver lining to the seeming short-term doom and calls for caution. Analyst Joao Wedson highlighted a local market bottom signal in a post on X
In recent months, whenever the Bitcoin long/short ratio crossed over above the altcoin market long/short ratio, the Bitcoin price decline tends to stop for a while. Sometimes, a positive price reaction also ensues
Therefore, the $80.5k line can be considered the one keeping the bullish short-term scenario alive right now. Meanwhile, a convincing price move back above $85k, with steady demand (onchain and ETF flows, for example), is needed to shift market sentiment bullishly once more
Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories
