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- Glassnode, the on-chain analytics firm, said <a href="https://xpertsstudio.com/bitcoin-rebounds-1500-from-its-intraday-low-who-keeps-buying-near-77k/” title=”Bitcoin rebounds $1,500 from its intraday low: who keeps buying near $77K”>Bitcoin (BTC) was moving sideways ahead of a strong resistance zone between $83,000 and $86,000, while selling pressure had fallen to less than half the level seen in August.
- Glassnode identified whether Bitcoin breaks above $86,000 as the key variable for its next directional move, saying a close above that level could signal the market has absorbed sell-side supply.
- It added that the current positive market tone could weaken if selling pressure rises again or if the $62,000 to $65,000 support zone breaks down.
Forecast Trend Report by Period
Bitcoin is moving sideways ahead of a heavy resistance zone between $83,000 and $86,000, while selling pressure has fallen sharply from August levels.
Glassnode said on Sept. 9 that the market has reclaimed support at the lower end of the range but has yet to meaningfully test resistance at the top. Selling pressure has dropped to less than half the level seen in August, while selling by long-term holders has also slowed.
Supply in the upper price range has thickened. Glassnode identified a break above $86,000 as the key variable that will determine Bitcoin’s next direction, adding that a close above that level could signal the market has absorbed sell-side supply.
Source: en.bloomingbit.io