Bitcoin rose 1.7% to around $82,300 on Friday, October 16, as the broader digital asset market rebounded. The uptick in prices coincided with a notable milestone for Bitcoin’s on-chain activity, as the number of wallets holding between 10 and 10,000 BTC reached a record level.
Large wallet holders reach all time high
Market analytics firm Santiment reported that the number of Bitcoin wallets controlling between 10 and 10,000 BTC climbed to 20,338, hitting an all-time high. This group of wallets represents a wide cohort of significant holders, often described as “large holders” or “whales” in the market.
Santiment observed that the growth of these wallets has accelerated sharply since mid-July, in spite of continued price volatility. Historically, changes in the size of this cohort have shown a strong association with Bitcoin’s subsequent price direction.
Santiment stated that ongoing growth in these balance categories during choppy price action could signal that large holders remain confident in Bitcoin’s long-term prospects.
The analytics firm said this accumulation trend, if sustained, could offer foundational support for Bitcoin’s price and strengthen the case for a potential recovery, even as shorter-term outlooks remain mixed.
Mini dictionary: Santiment is a blockchain analytics platform specializing in on-chain data insights for cryptocurrencies, offering metrics on holders, transactions, and sentiment trends.
Bitcoin market overview and key support levels
Data providers reported the total global cryptocurrency market capitalization rose 2.3% over 24 hours to reach $2.864 trillion, highlighting broad-based recovery across the sector.
Andrew Kamsky, analyst at CryptoQuant—a blockchain data and analytics company—said Bitcoin is currently testing crucial support near $80,400 after giving back gains made at the start of October. The cryptocurrency fell below its October 1 opening price of $83,576 during the second week of the month, trading around $80,867 on October 15, nearly 3.2% below that initial level.
Kamsky pointed out that this performance puts Bitcoin behind its typical October trajectory. Historically, Bitcoin averaged a 6.7% gain and a 3.8% median gain by October 15 over the 2013 to 2025 period. At this point in 2026, it is approximately 10% beneath its historical average for the month.
Technical analysis shows that on October 7, Bitcoin’s 4-hour chart broke below an ascending wedge pattern that had formed over the previous three months. Kamsky places a key trendline support at $80,400, near the low recorded on October 8.
A close above this support could revive a rebound toward former wedge support, now acting as short-term resistance; however, a 4-hour close below the trendline may shift focus toward prior consolidation zones near $77,000, $73,500, $70,000, and $64,000.
| Date | BTC Price | Key Support | Historical Median Gain (Oct 15) |
|---|---|---|---|
| October 1, 2026 | $83,576 | $80,400 | 3.8% |
| October 15, 2026 | $80,867 | $80,400 | -10% vs avg |
Glassnode insights and market sentiment
Glassnode analysts, as cited by DailyCoin, observed initial signs of recovery in Bitcoin’s on-chain activity. They reported that loss-taking by investors had decreased significantly, with profitable holders now representing the majority of active spending.
Notably, Bitcoin has not closed below its Realized Price during the current downtrend, which Glassnode indicates as a sign that the current market weakness is less severe compared to previous bear cycles.
The simultaneous record growth in large Bitcoin wallet holdings and the retesting of a key support level presents traders with two signals to consider. The outcome at the $80,400 mark could determine whether Bitcoin stabilizes for a rebound or revisits prior price consolidation areas.
