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Bitcoin (BTC) has struggled to flip $80,000 into support in recent days, but bulls’ real challenge is still to come, new research says.
Key points:
- Bitcoin long-term holders add to BTC price resistance below $86,000, Glassnode reveals.
- Buyer demand must overcome this area as Bitcoin struggles to advance beyond $80,000.
- Multiple key trend lines sit around spot price, increasing the implications of an eventual loss or reclaim.
Glassnode: Key overhead liquidity structures sit between $81,000 and $86,000
In the latest edition of its regular newsletter, The Week Onchain, crypto analytics platform Glassnode flagged multiple pools of coins that could be released into the market below $86,000.
Of particular interest are long-term holders (LTHs) — wallets holding BTC without selling for at least six months.Â
“Above, the first heavy structure is $83K-86K, and effectively all of it is long-term holder supply that has sat through the entire…
