Glassnode reports: Bitcoin faces key resistance level of $83,000 to $85,000, with $75,000 becoming t

Bitcoin encountered strong resistance in the range of US$83,000 to US$85,000. Market experts: The correction has not yet confirmed a bear market reversal

Bitcoin currently faces significant resistance in the price range of US$83,000 to US$85,000. Market experts point out that the current correction is not enough to confirm that the trend has turned bearish. Chain data and technical indicators both show that supply pressure from long-term holders and weak demand are jointly shaping current price dynamics.

Upper supply forms a resistance zone

On-chain analysis firm Glassnode disclosed that Bitcoin prices are still below a dense chip band built by long-term holders, and the average cost of holding positions for this group is concentrated between US$83,000 and US$85,000. Previously, Bitcoin failed to effectively break through after hitting $82,000 in early September, making this area an obvious supply barrier.

According to recent research from Glassnode, the broader range of resistance lies between $83,000 and $86,000. This range combines the cost base of long-term holders, important liquidation levels, and the break-even point of institutional Bitcoin ETF participants. Bitcoin recently approached the edge of the region (a difference of only 1.5%), but then fell back due to lack of momentum.

Analysts estimate that about 1.07 million bitcoins were bought in this range, of which a large amount of accumulation occurred around US$85,000. Most of these tokens belong to long-term holders, who could become a major source of supply if the price of Bitcoin rebounds back to its cost baseline. Still, Glassnode observed that selling from these addresses remained slight, indicating that the mass distribution phase had not yet begun.

Glassnode's market research report notes that purchases in the $83,000 to $86,000 range create significant resistance barriers. Even when prices are close to their cost base, long-term holders show little aggressive selling.

Short-term accumulation and market structure

When long-term holders build resistance above, new investors begin to accumulate tokens in the US$76,000 to US$82,000 range. This activity is building a separate support area around current prices.

As a result, Bitcoin is currently in a consolidation period between two main forces: buyers accumulating around the current range, and long-term holders who are ready to sell when the price reaches its original purchase level. Emerging areas of support below help cushion any downside risks, while successful absorption of supply above may be necessary for further gains.

If the key support level between $76,000 and $78,000 is clearly lost, market attention will shift to the $75,000 level, which is considered a key threshold. If kinetic energy is exhausted here, the solid structural bottom near $62,000 to $65,000 previously pointed out by Glassnode could become increasingly important.

Demand and technical momentum remain cautious

CryptoQuant's on-chain demand indicators show that although demand has not deteriorated significantly, expansion remains limited. The agency's 30-day apparent demand measurement is reaching higher lows, a pattern that suggests selling pressure may be easing.

Despite improved demand, CryptoQuant warned that the current rebound is more moderate compared to its earlier strong expansion. Research director Julio Moreno described the current state as "constructive, but with a wall of resistance in front of it" and highlighted persistent obstacles in the $81,700 and above area.

The overall trend is constructive, but significant resistance in the $83,000 to $85,000 area continues to inhibit upside, causing a tug-of-war between cumulative buyers and long-term holders. Market observers point out that a rejection of trade at $82,000 is not enough to qualify for the main disbursement phase, as repeated failures to resistance may coexist with building demand and may ultimately lead to a breakthrough.

Mixed technical signals and supporting structures

TradingView's technical analysis shows that the trading price of Bitcoin is approximately US$77,105, and the prospects show a mixed trend: 6 sell signals, 7 neutral signals, and 13 buy signals. The Relative Strength Index (RSI) is near 54, indicating neutrality of momentum; the stochastics %K and the Commodity Channel Index (CCI) provide short-term buying signals. However, other momentum indicators such as MACD and overall momentum levels suggest weakness remains.

The moving averages for different time periods show divergence. The short-term 10-day and 20-day moving averages are above current prices, while the 30-day, 50-day, 100-day and 200-day moving averages are below, reinforcing the view of structural neutrality in the medium and long term. Against this backdrop, analysts believe that Bitcoin is in a sideways digestion period rather than a confirmed downward trend.

Distribution Phase: Risk or Reality?

Analysts are divided on whether Bitcoin's recent refusal to trade marks the beginning of a full distribution phase. Some views believe that the recent surge in the Relative Strength Index (RSI) above 70, combined with short-term price movements, is similar to previous cycle peaks, and may indicate a distribution pattern. However, technical experts warn that such RSI readings may persist in rising markets and require confirmation of volume, demand and holder behavior to indicate a true market top.

On-chain indicators remain mixed: long-term holders provide resistance but have not significantly increased exchange supply; short-term holders and buyers are still accumulating, and apparent demand stabilizes. Analysts suggest a more accurate interpretation is that the risk of distribution has increased, but a clear stage has not yet been confirmed.

Looking forward, holding the support area between US$74,000 and US$75,000 is critical to maintaining the current accumulation pattern. A break below this zone could shift the focus to deeper support in the $62,000 to $65,000 region. Conversely, a solid breakthrough of US$83,000 to US$85,000 would send a stronger signal that Bitcoin's supply barriers are being absorbed, increasing the possibility of another upward attempt.

Explanation of Terms

Relative Strength Index (RSI): A technical momentum indicator that measures the speed and change of price change, often used to indicate the overbought or oversold status of assets.