Bitcoin Price Recovery Faces Major Test at $85K
The current Bitcoin price recovery may face a significant test if it extends to $85,000. According to Glassnode's Week 37 report, this level combines heavy options positioning with an established supply area between $83,000 and $86,000. However, several measures of fresh demand have weakened, including slower ETF demand, stalled on-chain capital inflows, flat stablecoin supply, and reduced corporate treasury purchases.
Bitcoin's market cap growth paused after 27 straight days, marking a pause in new on-chain capital. The report also notes that Bitcoin ETFs saw about $334M in net outflows from Sept. 8-14. This comes after strong early-month inflows.
The heavy options positioning at the $85K level is evident with Glassnode mapping a major call wall and supply cluster at this price, with another concentration at $90,000. This could make it a key resistance test for Bitcoin if recovery continues.