Bitcoin Faces Major Resistance at $81K-$86K, Glassnode Says

Bitcoin faces a concentration of potential selling pressure between $81,000 and $86,000 even after recovering about 26% from its mid-August low, according to Glassnode.

The on-chain analytics firm said several market factors converge in that range, including long-term holder supply, sell orders and negative dealer gamma. Remaining short-liquidation levels are also concentrated in the zone.

Meanwhile, options positioning points to a broad range of possible prices rather than a sustained move higher. For contracts expiring Sept. 25, the middle 70% of implied outcomes extends from about $69,000 to $89,700.

The median implied outcome remains close to Bitcoin’s spot price, indicating that options markets are not positioned around a further one-directional rally following the recent rebound. 

As of this writing, Bitcoin is trading at $78,768, up 13.6% over the past week.

Source: Glassnode