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Bitcoin Struggles Below $87,000 Despite Rising Whale Accumulation

Bitcoin Struggles Below $87,000 Despite Rising Whale Accumulation

Bitcoin faces renewed resistance as repeated failed breakouts keep the recovery under pressure.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 7 October 2026 12:13 IST

Bitcoin Struggles Below $87,000 Despite Rising Whale Accumulation

Photo Credit: Unsplash/Kanchanara

Crypto markets remain mixed as investors assess changing market conditions

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Highlights

Large holders accumulate another 14,335 BTC since October 1
Around 40,000 BTC moves out of Binance in two weeks
Markets see only a 20 percent chance of an October Fed hike

Bitcoin traded near Rs. 81.2 lakh on Wednesday as the cryptocurrency market remained range-bound below Rs. 83.9 lakh, despite continued accumulation by large holders. Ethereum (ETH) was trading near Rs. 2.5 lakh, while major altcoins showed mixed momentum. Market participants said Bitcoin's recovery is being supported by declining expectations of an October Federal Reserve rate hike and continued movement of BTC off exchanges, but weaker ETF flows and elevated Treasury yields are limiting the upside. According to CoinGecko data, Bitcoin traded near $84,200 (roughly Rs. 81.2 lakh), and Ethereum was trading near $2,600 (roughly Rs. 2.51 lakh).

The world's largest cryptocurrency fell 1.7 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said Bitcoin has faced three rejections around $87,000 since September 23, while spot Bitcoin ETF flows have cooled after strong inflows earlier in October.

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Major Altcoins Trade With Mixed Momentum on Wednesday

Binance Coin (BNB) was priced around $768 (roughly Rs. 74,100), while Solana (SOL) traded near $118.44 (roughly Rs. 11,400). XRP hovered around $1.47 (roughly Rs. 142), while Dogecoin (DOGE) was trading close to $0.090 (roughly Rs. 8.6).

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Highlighting Bitcoin's repeated rejection near $87,000 and continued on-chain accumulation, Prateek Gupta, Head of Business, Mudrex, said, “This comes even as US equities remain at record highs. Spot Bitcoin ETFs saw $89.8 million (roughly Rs. 857 crore) in outflows on Monday, signalling a sharp slowdown in recent buying momentum. However, on-chain activity remains constructive: around 40,000 BTC has moved out of Binance in two weeks, reducing exchange reserves from 704,800 to 663,100 BTC, while large holders have accumulated another 14,335 BTC since October 1.”

Commenting on the balance between easing rate expectations and cooling ETF flows, Vikram Subburaj, CEO of Giottus.com, said, “The market is holding up as expectations of an October US Fed rate hike have fallen sharply. Markets now see only about a 20 percent chance of a hike, down from around 51 percent a week ago. However, the 10-year US Treasury yield remains above 5.3 percent [...] Investors should avoid chasing short-term rallies. Staggered buying and measured position sizes are preferable. It is important to watch ETF flows, US inflation data and Fed signals before taking larger positions.”

Pointing to the impact of leverage on crypto market volatility, Nischal Shetty, Founder, WazirX, said, “Bitcoin's sharp fall shows how quickly leverage can turn a routine correction into a market-wide flush. Nearly $394 million (roughly Rs. 3,762 crore) was liquidated in one hour, including $384 million (roughly Rs. 3,665 crore) in long positions, while 24-hour liquidations crossed $1.02 billion (roughly Rs. 9,739 crore). Bitcoin absorbed $209 million (roughly Rs. 1,996 crore) of the damage, followed by Ethereum at $87 million (roughly Rs. 831 crore) [...] Meanwhile, the crypto market stands near $2.85 trillion (roughly Rs. 27,21,180 crore), sentiment remains in ‘Greed' at 62.”

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Overall, analysts said markets now see only around a 20 percent chance of an October Fed rate hike. Still, weaker ETF demand and elevated oil prices could continue to limit the recovery. Bitcoin's $84,000-$85,000 (roughly Rs. 81.1 lakh-Rs. 82 lakh) support zone remains important, while a sustained move above $87,000 (roughly Rs. 84 lakh) could strengthen the case for further upside.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More