Bitcoin Surges Above $81K, Eyes $85K Resistance Level

Bitcoin has reclaimed its True Market Mean (TMM) at $76,660, signaling a potential return to a bullish market regime. This move above the TMM is an important development for Bitcoin, as it suggests that recent buyers are holding unrealized profits and may be strengthening short-term sentiment.

The next major obstacles for Bitcoin are the average purchase prices of corporate treasury holders and US spot exchange-traded fund investors. The corporate treasury cost basis is estimated at $80,421, which Bitcoin has also reclaimed, while the ETF cost basis sits higher at around $85,638.

As Bitcoin approaches these levels, investors who previously accumulated at higher prices may choose to sell near break-even, creating additional resistance. However, Glassnode's data suggests that the accumulation of leveraged short positions creates a possibility for a short squeeze if BTC rises far enough to trigger liquidations.