Bitcoin Price Stuck at Resistance as Distribution Phase Looms
Bitcoin's recent rally towards $82,000 has been met with resistance, leaving traders wondering if it's entering a distribution phase. According to Glassnode data, long-term holders are creating a clear resistance zone between $83,000 and $86,000, which is preventing Bitcoin from extending its recovery.
The pullback hasn't yet confirmed a bearish trend reversal, but several on-chain indicators show that demand remains below the level typically associated with sustained expansion. Glassnode estimates that approximately 1.07 million BTC were acquired between $83,000 and $86,000, with most of that supply being held by long-term holders.
Newer buyers are accumulating around current prices, effectively creating a developing support area below $82,000. However, the structure leaves Bitcoin between two competing forces: buyers absorbing available supply near $76,000-$78,000 and a larger group of holders sitting in profit above the market.