Bitcoin's Price Faces Crucial Test Above $83K Amid Thickening Liquidity
Bitcoin's resilience is being put to the test above $83K as liquidity thickens in key areas, according to Glassnode. Long-term holders are resisting the urge to sell below $86,000, making it a crucial area for buyer demand to overcome.
Glassnode notes that long-term holders have sat through the entire drawdown and may not be willing to sell at breakeven levels. Meanwhile, new ask liquidity has appeared on exchange order books, potentially adding to the resistance.
The area around $80,000 has also seen multiple trend lines converge, strengthening its status as a significant hurdle for Bitcoin's price action. The 50-week and 100-week exponential moving averages (EMAs) sit at $77,353 and $78,485, respectively, while the 365-day volume-weighted average price (VWAP) is around $82,600.