Bitcoin Nears $83K as Demand Test Looms Large

Bitcoin is facing its most significant demand test in months as it approaches the $83K mark, according to Glassnode. The increased liquidity in the market could be a crucial indicator of the cryptocurrency's long-term prospects.

The current price action suggests that investors are willing to hold onto their BTC at higher levels, which is a positive sign for the market. However, this also means that there may not be as much selling pressure on Bitcoin, which could lead to further price gains.

As of now, it's too early to make any definitive conclusions about the demand test, and it's essential to monitor the market closely in the coming days. The outcome will likely have a significant impact on the overall direction of the cryptocurrency.