Glassnode, the widely followed on-chain and derivatives market analytics provider, has flagged a downside scenario for Bitcoin (BTC), warning that a slide toward $70,000 could come into view if daily closes fail to hold above the $81,000 level.

Update — 21:58 UTC, October 22, 2026: A follow-up note from Glassnode, published later on Thursday, October 22, shifted the reference line from $81,000 slightly lower to $80,000 while adding downside markers to its chart. The firm noted that a close below the revised line could open the door to selling under $80,000. Going forward, the data point to watch is how upcoming daily closes print relative to that revised $80,000 line: per Glassnode's note, closes below it are the condition cited for selling under that level, while holds above keep the support reading intact.

Glassnode is one of the industry's most widely cited sources of on-chain and derivatives analytics, and its notes on key BTC price levels are routinely monitored by traders and analysts. Bitcoin, the largest cryptocurrency by market capitalization, is closely watched at round-number and technical price levels, which chart-focused analysts commonly use to assess trend strength. Within such frameworks, sustained closes below a watched reference line are conventionally treated as a sign of potential continued downside pressure, while holds above the level are read as confirmation that support remains intact.

This content was first published on COINOTAG: https://en.coinotag.com/glassnode-bitcoin-70000-risk-below-81000