Bitcoin Bulls Face Crucial Test Above $83K as Long-Term Holders Weigh In
Bitcoin's (BTC) price has struggled to hold above $80,000 in recent days, but according to Glassnode, the real test for bulls is yet to come. In its latest newsletter, The Week Onchain, crypto analytics platform Glassnode highlighted that long-term holders of BTC are adding to the price resistance below $86,000.
The research firm notes that reaching $83,000 would put a significant amount of long-term holder supply into play, testing their resolve not to sell at breakeven. Additionally, new ask liquidity has appeared on exchange order books in this zone, which may or may not be intended to be filled.
Glassnode also pointed out that multiple trend lines are converging around the $80,000 price corridor, making it a key resistance hurdle for BTC. The 50-week and 100-week exponential moving averages (EMAs) currently sit at $77,353 and $78,485, respectively, while the 365-day volume-weighted average price (VWAP) is around $82,600.