Bitcoin's $80,000 support faces liquidation trap risk near $78,000

Bitcoin's price action is being tested near $80,000, where large spot bids overlap with modeled long liquidations, according to Glassnode's Oct. 14 report. While US spot Bitcoin ETF holders have an average cost basis near $81,500, a sustained close below this level would put their holdings underwater. If the $80,000 bids are consumed, forced selling could push the price toward $78,000, a 4.3% drop from $81,500, retesting the True Market Mean.