Bitcoin's Uptrend Faces Crucial Resistance at $81,000-$86,000

The recent recovery in Bitcoin's price is attributed to a combination of factors, including year's largest ETF inflows and widespread accumulation by investor groups. According to Glassnode, the strong recovery began with a historically large short liquidation on August 19, 2026, which was the largest daily short liquidation in dollar terms since data tracking started in 2019.

Short liquidations made up 85% of total liquidations during the rally, and approximately 86% of the liquidation clusters that were ahead of Bitcoin's price have been cleared. However, a significant short liquidation zone still exists between $82,000 and $86,000.

The futures market also saw a significant reduction in leverage, with open positions decreasing by 11% during the bull run. The size of open positions increased primarily due to the rise in Bitcoin's price, but it indicates that liquidated short positions are not being quickly recreated through new leveraged trades.

Glassnode noted that real capital is entering the market and the fact that funding rates remained largely neutral throughout the rise, occasionally turning negative, suggests that the movement was supported by short liquidations rather than newly opened large long positions.