Bitcoin has retreated 10% from its September high, testing support levels reclaimed in August, with short-term holders largely at a loss.

Bitcoin has experienced a 10% pullback from its September high, revisiting key support levels reclaimed during its August rally. According to Glassnode's November 4, 2026 report, the cryptocurrency is now trading near its True Market Mean of $77,700 and Short-Term Holder Cost Basis of $75,700. These levels represent the average acquisition prices for active investors and recent buyers, respectively, and are critical for maintaining the structural integrity of Bitcoin's breakout.

Short-term holders, defined as those who acquired Bitcoin within the past 155 days, have seen their profitability decline sharply. In early October, 97.5% of their holdings were in profit, but this figure has now dropped to approximately 38%. This shift indicates that most recent buyers are holding at a loss, reducing the market's speculative excess compared to the September peak. Should the share of profitable short-term holders recover above 50%, it could signal renewed confidence among newer investors.

The pullback has cleared much of the long leverage built since August, reducing the risk of forced liquidations. However, a significant band of long liquidation levels remains between $73,000 and $76,000, aligning with key support metrics like the Short-Term Holder Cost Basis and the 200-day moving average. On the other hand, short positions have grown above the current price, with the largest cluster near $87,000. If Bitcoin's price rises, these shorts may need to buy back, potentially fueling upward momentum.

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