Glassnode said in its latest report that Bitcoin’s 26% rebound from its mid-August low was ignited by the largest single-day short liquidation since 2019 on Aug. 19. During the squeeze window, U.S. spot Bitcoin ETFs posted $2.23 billion in net inflows, the strongest weekly intake this year, while tokens kept leaving exchanges and wallets across cohorts added to holdings. The firm also said its cycle composite indicator has moved out of a depressed zone and returned to the neutral threshold of 40. The next major test, according to the report, sits in the $81,000 to $86,000 supply zone, where cost-basis layers, reposted sell orders, the gamma flip level and liquidation orders are concentrated. Options pricing points to conditions holding into late September, with $83,300 marked as the upside test level. Support is seen at the short-term holder cost basis near $70,000 and the lower range of $62,000 to $65,000. Glassnode said a stable move above $83,300, combined with continued ETF inflows, would indicate that the resistance wall is being absorbed.
PANews reported on Aug. 27 that Glassnode’s latest report said Bitcoin saw its largest single-day short liquidation since 2019 on Aug. 19, a move that ignited a 26% rebound from the market’s mid-August low.
According to the report, U.S. spot Bitcoin ETFs recorded $2.23 billion in net inflows during the squeeze window, marking the strongest weekly inflow of the year. At the same time, tokens continued to leave exchanges, wallet cohorts accumulated in sync, and the cycle composite indicator moved out of a depressed range and climbed back to the neutral boundary of 40.
The $81,000 to $86,000 zone is the next hurdle
Glassnode said the current rebound now faces a critical test in the $81,000 to $86,000 supply zone. Cost-basis layers, reposted sell orders, the gamma flip level and liquidation order clusters are all concentrated in that range.
The report said options market pricing suggests current conditions could persist into late September. It identified $83,300 as the upside test level. On the downside, support stands at the short-term holder cost basis of $70,000 and the lower band of $62,000 to $65,000.
Glassnode added that if Bitcoin can hold steadily above $83,300 while ETF inflows continue, it would show that the resistance wall is being effectively absorbed.
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