Bitcoin's True Demand Test: Can Bulls Overcome $80K Resistance?
Bitcoin's (BTC) price has been struggling to break above $80,000 as it faces a test of true demand. According to Glassnode's research, long-term holders are adding to the price resistance below $86,000. The bulls' challenge is to overcome this area and push the price beyond $80,000.
The key overhead liquidity structures sit between $81,000 and $86,000, with multiple pools of coins that could be released into the market below $86,000. Long-term holders, who have not sold their BTC for at least six months, are holding onto their supply in this zone.
New ask liquidity has appeared on exchange order books in the same area, and its owners may not intend to sell their coins even if the price rises further. The re-laddered asks join a stack of independent structures pointing at one zone, with every overhead structure tracked by Glassnode now sitting between $81,000 and $86,000.
Trend lines converge on a narrow BTC price corridor around $80,000, strengthening its status as a resistance hurdle. Bitcoin's 50-week and 100-week exponential moving averages currently sit at $77,353 and $78,485 respectively, with the 365-day volume-weighted average price (VWAP) sitting around $82,600.