Bitcoin’s $88K to $74K Fall Sparked a $10B Ownership Shift: Is a Major Recovery Just Around the Corner?

Bitcoin is currently under pressure, trading around $76,899 after slipping 3.7% in the last 24 hours and nearly 30% off its all-time high of above $109,000 back in January. The decline in the price of BTC does, indeed, paint a negative picture or trend, however, these factors show that something is happening beneath the surface. On-chain data indicates that we are witnessing a slow transition, which indicates that Bitcoin may be building momentum for a turnaround. Even without momentum above $80,000, long-term investors are beginning to step in substantially; they have confidence in the future of the asset while others exit.

Short-Term Pain Meets Long-Term Confidence

According to a recent analysis by CryptoQuant contributor Onchained, Bitcoin’s recent correction has sparked a major change in who’s holding the coin. After a ~15% drop from $88,000 to $74,400 last week, short-term holders took a hit, logging $10 billion in losses on April 7 alone, their biggest single-day loss of this cycle. Interestingly, almost the exact amount, $9.7 billion, was picked up by Bitcoin long-term investors on the same day. This pattern continued into April 8, where panic selling cooled off, and Bitcoin long-term investors kept quietly accumulating, adding another $1.13 billion to their holdings.

The Bigger Picture: Signs of a Bottom?

This kind of behavior, where long-term investors buy into weakness while short-term traders step away, has often marked the end of corrections or the start of recoveries in the past. It signals a shift from shaky hands to steady ones, which can ease selling pressure and stabilize price action. While it’s still too early to call a full reversal, this changing Bitcoin ownership pattern is a positive sign. With this backdrop in mind, let’s take a closer look at the current BTC price action and what technical indicators are revealing about Bitcoin’s next move.

BTC Price Action Analysis of April 10, 2025

The BTC price started the trading session within a well-defined range between $74,500 and $78,000 for most of the earlier session, with RSI oscillations between oversold and overbought zones highlighting short-term fluctuations without a clear directional bias. Multiple golden crosses on the MACD during this phase hinted at underlying bullish momentum, though death crosses later limited upward follow-throughs. This range-bound movement was ultimately disrupted by a sharp spike around 17:00 UTC, propelling the price above the $80,000 psychological barrier. The spike was supported by a golden cross on the MACD and a strong RSI surge into overbought territory, confirming the strength of the breakout.

Chart 1, Analyzed by Alokkp0608, published on April 10th, 2025

Following the breakout, BTC faced rejection near the resistance level of $83,000–$83,500, with RSI indicating repeated overbought conditions and MACD signaling momentum exhaustion via multiple death crosses. Subsequently, a pullback brought prices down towards $81,000, while RSI also dipped several times into the oversold region, indicating short-term selling pressure. On the other hand, a golden cross on the MACD formed at or near the current levels, which indicates a potential bullish reversal, or at least a slowdown in the decline. The BTC price is presently consolidating between $81,000 and $82,000, with support established near $76,500–$77,500 and resistance still looming near $83,000.

Conclusion: Key Levels to Watch as Market Repositions

The recent BTC price movement, along with changing Bitcoin ownership patterns, is starting to tell a more hopeful story. The transition from short-term traders to Bitcoin long-term investors demonstrates that investors with experience are starting to feel comfortable buying Bitcoin, even though the price is still experiencing volatility. The chart shows that the BTC price is now finding support between $81,000 and $82,000 after retracing from the $83,500 area.

Support still looks pretty good down near $76,500. The RSI and MACD indicators suggest that sellers may be running out of energy, and we may be seeing the early signs of a reversal. It is too early to call a clear breakout, but the charts appear to be stabilizing, and that is a good sign.