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Bitcoin Surges Above $81,000, Faces Key Resistance
Developing
In Short: Bitcoin surged above $81,000 on Friday, climbing back above the True Market Mean, according to Glassnode.
This move above the True Market Mean suggests the market could be shifting back into a bullish regime, as noted by Glassnode in an X post.
The price increase has put Bitcoin back above a crucial level, giving bulls an advantage.
Glassnode identified the corporate treasury cost basis at around $80,421, followed by the US spot Bitcoin ETF cost basis near $85,638.
Bitcoin is now approaching a thickening liquidation shelf, which could accelerate the move through the $83,000-$86,000 resistance zone.
Increased miner activity has historically coincided with bullish Bitcoin price trends, according to Glassnode.
With Bitcoin trading above the True Market Mean, attention is now shifting toward the next major cost-basis barrier.
What this adds
Bitcoin's recent surge above $81,000 marks a significant shift from its previous range between $76,000 and $82,000, where key resistance levels had previously hindered its rally.
Background
Bitcoin has paused between $76,000 and $82,000, as several key resistance levels converge, hindering its rally.
What's still developing
- Still, this allowed buyers to push it above the support at $1.3, which was momentarily lost.
- The $83,000-$86,000 zone had previously been identified as a major resistance region, as investors acquired roughly 1.07 million BTC between those levels, with much of the supply held by long-term holders.
- BTC’s move back above the level often signals a return to bullish territory and can trigger positive short-term sentiment.
- The firm stated that a dense cluster of potential short liquidations has formed between $83,000 and $86,000, adding another layer to the resistance area.