Bitcoin's True Demand Test: Long-Term Holders at Breakeven Prices

Bitcoin's recent price action has been closely watched by investors and analysts, but according to crypto analytics platform Glassnode, the true test of demand lies ahead.

Glassnode's research highlights that long-term holders (LTHs) are resisting selling their coins at breakeven prices below $86,000. These LTHs have held onto their BTC for at least six months and represent a significant portion of the supply in this price range.

The same zone also sees new ask liquidity appearing on exchange order books, which may not be intended to be filled but rather to keep spot prices above current levels.

Multiple key trend lines converge around $80,000, creating a narrow corridor that Bitcoin must navigate. 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.

While some market participants remain skeptical about Bitcoin's rebound, Glassnode's analysis suggests that reaching $83,000 would put these LTHs' resolve to the test. If they choose to sell, it could have significant implications for the market.