Glassnode: BTC Still Faces $83K–$86K Overhead Supply Pressure, Remains Range-Bound in the Near...

Glassnode: BTC Still Faces $83K–$86K Overhead Supply Pressure, Remains Range-Bound in the Near TermGlassnode said the August 19 short squeeze pushed BTC above $80,000, but the rally stalled below the $83,000–$86,000 long-term holder supply zone before retreating to around $76,000. When BTC traded near $78,000, the share of supply in profit had risen to 68% from 65% in May, indicating greater potential sell-side pressure. The $62,000–$65,000 area remains the key support zone, while $83,000–$86,000 remains the main resistance zone.In options, 7-day 25-delta skew rose sharply during the short squeeze as traders chased upside calls before reverting toward neutral, while 180-day skew remained stable, indicating cooling short-term bullish sentiment but broadly unchanged longer-term demand for optionality. The September 25 quarter-end expiry carries roughly $14 billion in open interest across Deribit and IBIT, with substantial positioning above $80,000. Glassnode said BTC remains range-bound until the overhead supply is absorbed.

Source: Wu Blockchain