Bitcoin Bulls Face True Demand Test Above $83K as Long-Term Holders Add Resistance

Bitcoin's struggle to flip $80,000 into support has been well-documented in recent days, but new research from Glassnode suggests that bulls have yet to face their true challenge. According to the analytics platform, long-term holders of Bitcoin (BTC) are adding resistance below $86,000, making it harder for the price to advance beyond $80,000.

Glassnode's The Week Onchain newsletter highlighted multiple pools of coins that could be released into the market below $86,000. One such pool consists of long-term holders (LTHs) who have held their BTC without selling for at least six months. These LTHs are sitting on significant losses and may be forced to sell if the price drops further.

The area around $80,000 has also seen multiple trend lines converge, making it a key resistance hurdle. Bitcoin's 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.

Glassnode notes that reaching $83,000 would put a significant test on the resolve of these LTHs not to sell at breakeven. The platform warns that every overhead structure it tracks now sits between $81,000 and $86,000, making this zone a key area for demand to overcome.