Bitcoin Trapped Between Accumulation Zone and Supply Overhead
Bitcoin's recent rally has left it positioned between two major liquidity zones, according to a Glassnode report published Wednesday. The top crypto encountered sustained selling pressure after climbing above $80,000 on August 27 and retreated toward $76,000.
The reversal triggered a series of long liquidations, leaving the market between $60,000 and $63,000 below and $83,000 to $86,000 above. Glassnode noted that this range corresponds with key support and supply zones for Bitcoin.
A substantial band of long liquidation liquidity remains below the market, while a dense cluster of short liquidations sits overhead between $83,000 and $86,000.
Bitcoin's onchain supply distribution also supports this range. Glassnode identified an accumulation floor between $62,000 and $65,000 formed during the summer consolidation period, while heavy Long-Term Holder (LTH) supply sits overhead between $83,000 and $86,000.