Analyst: Weak hands gradually flushed out, Bitcoin retests $81,000 area three times

Odaily News: Analyst Murphy posted on X platform stating that as of October 15, 2026, Bitcoin had pulled back to around $81,000 three times on October 9, 12, and 15, repeatedly testing the same support zone. The latest decline was compounded by factors including higher-than-expected U.S. inflation, rising market concerns over further monetary tightening by the Federal Reserve, and weakening U.S. equities, putting overall pressure on risk assets.Murphy noted that based on on-chain entity-adjusted realized loss data, the loss magnitude corresponding to the three dips shows a declining pattern: October 12 was less than October 9, and although October 15 saw a slight expansion compared to October 12, it remained below October 9. October 9 appeared to be a peak where short-term price-sensitive holdings exited in concentrated fashion; during the second retest, the market was largely in a wait-and-see mode with weak selling intent; the third decline, under the influence of macro headwinds, once again forced some weak hands to stop out. Therefore, the current market is closer to a gradual flushing out of weak hands rather than full-blown panic selling. If the loss ratio of short-term holders remains at approximately 31%, below the historical cumulative average of 42.7%, it indicates that the flushing out of holdings may not yet be complete, and further volatility and selling pressure could still emerge.Going forward, the key is to observe whether the scale of realized losses continues to converge: if prices remain near the current support zone and loss realization gradually diminishes, it would suggest that passive selling is decreasing and the interim correction may be nearing its end; if the scale of losses expands significantly again, it would indicate that the market still needs to undergo a more thorough turnover of holdings.