Bitcoin's Rally Stalls at $83,000 as Macro Environment Weighs In
Bitcoin's recent rally has lost steam as it struggles to reclaim the $80,000 support line. The cryptocurrency is currently locked in a range-bound trading pattern, with strong selling pressure blocking its ascent.
According to Glassnode, Bitcoin's spot price is being held back by long-term holder supply in the $83,000 to $86,000 range. This supply is preventing the currency from breaking through this resistance zone and continuing its upward momentum.
The macro environment is also having a negative impact on Bitcoin's price. The U.S. 10-year Treasury yield has risen to 4.8 percent, erasing gains driven by market relief linked to a U.S. Treasury buyback policy in eight trading sessions.
Furthermore, Glassnode points out that the share of unrealised profits across the network is contributing to selling pressure. When Bitcoin traded around $78,000 in May, about 65 percent of total supply was in unrealised profit, but this rose to 68 percent when it returned to a similar price level in late August.
In contrast, money has been flowing into U.S. spot bitcoin ETFs, with average daily inflows reaching $290 million on a 7-day moving average basis. However, this influx is not translating into significant trading volume, which remains around $3 billion per day.