ChainCatcher reported that on-chain analytics platform Glassnode said in a new report that Bitcoin gained 23% over the past 21 trading days. Over the same stretch, the S&P 500 and Nasdaq 100 were flat, while Bitcoin was still down 10% for the year.
Glassnode places resistance between $83,000 and $86,000
The report said the cost basis of long-term holders, the futures liquidation map, and the break-even level for U.S. spot Bitcoin exchange-traded funds all point to a resistance zone between $83,000 and $86,000. Spot prices came to within about 1.5% of the lower bound of that range before moving into a narrow consolidation below $80,000.
Glassnode said about 1.07 million BTC were bought by long-term holders in the $83,000 to $86,000 range. The largest concentration sits near $85,000, and that block has seen almost no movement over the past 30 days.
Sell-side pressure and profit metrics
Measured by the sell-side risk ratio, selling pressure near the top of the range was 7 basis points per day, less than half of the 16 basis point peak recorded in August. The share of realized profit among long-term holders fell from 88% in August to 47%.
The report also said U.S. spot Bitcoin ETFs have a break-even level of about $86,000 since launch, and their aggregate unrealized loss has narrowed to about $3.9 billion.
Macro data and derivatives positioning
On the macro side, U.S. core inflation fell to a two-year low of 2.5%, while inflation expectations stood at 3.6%, leaving the gap between the two at its widest level in three years. The 10-year U.S. Treasury yield closed at 4.8%, near a two-year high.
In derivatives, the liquidation heatmap showed that the short liquidation shelf between $82,000 and $86,000 has thickened by 21% since the squeeze on Aug. 19.