Bitcoin Price Analysis Indicates Stalemate Between Accumulation and Resistance

Recent analysis from Glassnode reveals that Bitcoin is currently trading within a defined range, supported by an accumulation floor and facing significant overhead resistance. The analysis highlights that following a major short liquidation event on August 19, which marked the largest single-day short squeeze since 2019, Bitcoin's price rallied by 26%. This rally consumed approximately 86% of the available short liquidation fuel, leaving a dense wall of resistance between $82,000 and $86,000.

Glassnode identifies two critical zones in Bitcoin's current trading environment. The accumulation floor is situated between $62,000 and $65,000, where both long-term and short-term holders have acquired their holdings. Conversely, the upper resistance zone is concentrated between $83,000 and $86,000, where long-term holders have a significant supply. Notably, around 8% of Bitcoin's total supply is concentrated between $80,000 and $82,000, which serves as a pivotal point for market movements.

As of early September, Bitcoin's price has stalled just below the overhead supply zone, indicating challenges in breaking through the $83,000 to $86,000 range. The share of Bitcoin supply held in profit has increased from 65% in late May to 68% by late August, suggesting rising sell-side pressure. For Bitcoin to advance beyond the resistance, it must absorb the remaining short liquidation fuel while managing profit-taking from long-term holders. The behavior of Bitcoin around the $80,000 to $82,000 level will likely signal whether a breakout attempt is imminent or if further rejections are expected.

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Source: KLEA News