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Bitcoin is moving sideways ahead of a strong resistance zone at $83,000-$86,000, while selling pressure has dropped sharply from August levels, on-chain analytics firm Glassnode said.
Glassnode said the market is now trading in a range where lower support has recovered, while upper resistance has yet to be seriously tested. Compared with August, selling pressure has fallen significantly, with sell-side activity down to less than half of its earlier level and long-term holders also slowing sales, according to the firm. At the same time, supply clustered at higher price levels has grown thicker, making a break above $86,000 a key variable for the market’s next direction. Glassnode added a close above $86,000 could signal the market has absorbed selling supply, while a renewed rise in selling pressure or a breakdown of support in the $62,000-$65,000 range could undermine the current positive market mood.