Bitcoin Consolidates Below $86k Resistance as Selling Pressure Weakens
Bitcoin's price has been consolidating below the $83,000-$86,000 resistance band, and while selling pressure is weaker than it was in August, it's unclear if this will lead to a sustained rally. According to Glassnode's latest report, this resistance band is not just a single technical indicator but a convergence of multiple factors including long-term holder costs, futures liquidation levels, and the break-even point for spot Bitcoin ETFs in the US.
Long-term holders have accumulated approximately 1.07 million BTC within this range, with the densest cost cluster around $85,000. Breaking above this band could signal a shift in Bitcoin's long-term market structure.
The futures liquidation map also points to this region, with short liquidation levels growing by 21% since August 19. Conversely, long position liquidations are concentrated below the price in the $60,000-$63,000 range.