Bitcoin Surges Above $81,300 as Glassnode Highlights Key Resistance Zones
Bitcoin's price surged above $81,300 on Monday, marking a gain of over 5% in the last seven days. The cryptocurrency's rally was part of a broader market uptrend, with Ethereum and XRP also experiencing significant gains.
The True Market Mean, an important onchain metric, has been recaptured by Bitcoin at $76,660. This level often signals a return to bullish conditions for the market leader, according to Glassnode, a leading onchain analytics firm.
Glassnode noted that corporate treasuries and US spot Bitcoin ETF investors have significant cost bases at $80,421 and $85,638 respectively. These levels serve as important psychological and technical barriers, as holders at or near break-even may be inclined to sell, creating resistance.
Approximately 1.07 million BTC were acquired between $83,000 and $86,000, with a substantial portion held by long-term investors. This creates a dense resistance area, which could amplify volatility if Bitcoin triggers mass liquidations.