Bitcoin Eyes Next Resistance Level at $85K as Bulls Strengthen
Bitcoin has reclaimed its position above $81,000 and is now targeting the next crucial level at around $85,000. This move means that Bitcoin has also taken back the True Market Mean, an on-chain development that suggests a return to a bullish market regime.
Glassnode's data indicates that corporate treasury holders' average purchase price sits at approximately $80,421, while US spot exchange-traded fund investors hold their cost basis around $85,638. This could create additional resistance as Bitcoin approaches these levels.
The cryptocurrency's rally above $81,000 has also led to a cluster of potential short liquidations between $83,000 and $86,000. Glassnode notes that the accumulation of leveraged short positions increases the possibility of accelerated volatility if Bitcoin reaches this zone.