Bitcoin has recently struggled to flip the $80,000 level into support, and according to new research from crypto analytics platform Glassnode, the bulls' primary challenge is still ahead.
In the latest edition of its newsletter, The Week Onchain, Glassnode highlighted multiple pools of coins that could enter the market below the $86,000 mark. Particular attention was drawn to long-term holders, defined as wallets holding Bitcoin without selling for at least six months. The report noted that the first heavy structure sits between $83,000 and $86,000, consisting almost entirely of long-term holder supply that has endured the entire drawdown. Reaching the $83,000 level is expected to test this cohort's resolve against selling at breakeven.
New ask liquidity has also emerged on exchange order books within the same zone. Glassnode observed that owners of these orders may not necessarily intend for them to be filled, but rather aim to stay above the spot price if it continues to rise.
Additional overhead structures tracked by Glassnode further reinforce this price band. The first self-custody cost-basis shelf begins at $80,800, dealer gamma flips negative at $82,300, a surviving liquidation shelf extends to $86,000, and a patient-supply wall fills the $83,000 to $86,000 range. Consequently, the firm reports that every tracked overhead structure sits between $81,000 and $86,000.
Furthermore, multiple price trend lines have converged around the $80,000 corridor. Data from TradingView shows Bitcoin's 50-week and 100-week exponential moving averages sitting at $77,353 and $78,485, respectively. Meanwhile, the 365-day volume-weighted average price sits near $82,600.
While market participants remain skeptical regarding whether the rapid rebound will endure, trader and analyst Rekt Capital emphasized that the price needs to hold the 50-week exponential moving average for a longer duration before a meaningful trend change can be considered.
