Bitcoin recently crossed the $85,000 threshold only to encounter renewed selling pressure. According to Glassnode data, Bitcoin now faces a resistance wall between $86,500 and $86,750, while buyers in the Binance spot market concentrate their orders in the $81,000 to $81,250 range. This positioning has trapped the price between a supply zone above and a demand zone below, creating a tense standoff in the market.
Critical $81,000 Demand Zone Emerges
Glassnode reports that Bitcoin retreated from its resistance near $86,500, slipping towards the area where buying interest is strongest. Known for its comprehensive blockchain data analysis, Glassnode is a trusted source in the cryptocurrency market. The firm reveals that the largest cluster of buy orders is currently situated in the $81,000 to $81,250 bandwidth.
Glassnode highlights, “The greatest concentration of buy orders is now between $81,000 and $81,250, indicating a critical support zone during any pullbacks.”
Additionally, a liquidation cluster is identified between $81,700 and $83,300, driven by leveraged positions that could amplify volatility. While significant limit orders underpin the current market structure, these can be canceled or met under dynamic market conditions, thus offering no guaranteed level of support.
Technical Analysis Pinpoints Key Levels
Kazim Karabacak, a TradingView analyst, pinpoints $81,119 as a crucial Fibonacci retracement threshold. His analysis suggests that Bitcoin’s sustainability post-rebound largely depends on closing above this point. Conversely, failing to hold above could escalate the likelihood of a broader pullback.
This level is pivotal not only for immediate order flows but also within the larger technical landscape. A deeper supportive zone has been projected around $61,776, defining potential risk should $81,119 be breached.
U.S. Trading Session Influence Diminishes
Glassnode’s research indicates a paradigm shift—until recently, the majority of Bitcoin’s climb past $85,000 was fueled during U.S. trading hours, a pattern that has now reversed. Currently, while the U.S. session has become a net seller, gains are increasingly realized outside those hours.
Glassnode asserts, “The U.S. session’s influence has waned, as price momentum predominantly shifts to non-U.S. hours.”
This divergence holds significance due to the synchrony of spot Bitcoin ETFs with broader U.S. financial market schedules. Despite these shifts, trading volume remains tepid. Glassnode calculates that the seven-day average trading volume of Bitcoin spot exchanges alongside U.S. spot ETFs lingers at $6.8 billion, trailing many days seen since January 2024.
Long-Term Aim: $100,000 In Sight
On a weekly scale, TradingView analyst VincePrince comments on a potentially bullish technical setup, noting a possible double bottom formation in Bitcoin. According to his perspectives, moving averages align with a rising trend line, reinforcing this constructive outlook.
Completion of this pattern might open pathways to $100,000 as a technical target. However, this scenario is not yet confirmed with immediate attention centered on the $81,000 vicinity for support, contrasted against the $86,500 to $86,750 overhead pressure. Glassnode further identifies significant liquidation pockets above current levels, particularly between $87,100 and $95,900, with intense activity around $92,000.
