Bitcoin Price Stalls Below $83K as Options Expiry Looms
Bitcoin's recent price surge has stalled below $83,000 due to a combination of supply and demand factors. A brief move above $80,000 on August 27 was met with heavy selling pressure, causing the price to fall back toward $76,000. This led to a fresh wave of long liquidations.
According to Glassnode data, Bitcoin is currently facing more potential sellers at current prices than it did earlier this year. When Bitcoin traded near $78,000 in May, about 65% of the circulating supply was held at a profit. However, when the price returned to the same level in late August, that figure had risen to 68%, reflecting accumulation during the summer.
The current price structure is characterized by a dense accumulation zone between $62,000 and $65,000 providing strong support, while long-term holder supply between $83,000 and $86,000 remains the main barrier to further upside. Until one side breaks, Bitcoin's price will remain pinned inside this range.
The macro environment has also become less supportive, with the U.S. 10-year Treasury yield climbing back to 4.8%. Additionally, institutional demand has lacked force, with U.S. spot Bitcoin exchange-traded funds (ETFs) absorbing an average of $338 million per day over a nine-day period.
The upcoming September 25 quarter-end expiry carries roughly $14 billion in open interest across Deribit and IBIT, which could further pressure the market if not managed properly.