Bitcoin Hits Resistance at $84K: Will Long-Term Holders Steer the Next Move?

The price of Bitcoin has returned to the critical range that could define its next major move. The cryptocurrency is currently trading near $84,000, a level where it faces significant resistance from long-term holders.

According to Glassnode analysis, this region between $84,000 and $85,000 holds the largest concentration of coins held by investors with a long-term perspective. This could create a battle between those who want to sell and recoup their capital and buyers willing to support the recovery.

The reduction in leverage on derivatives is also a positive sign, as it reduces the risk of large price movements caused by cascading liquidations.