Bitcoin faces true demand test above $83K as liquidity thickens: Glassnode

Bitcoin (BTC) has struggled to flip $80,000 into support in recent days, but bulls’ real challenge is still to come, new research says.Key points:Bitcoin long-term holders add to BTC price resistance below $86,000, Glassnode reveals.Buyer demand must overcome this area as Bitcoin struggles to advance beyond $80,000.Multiple key trend lines sit around spot price, increasing the implications of an eventual loss or reclaim.Glassnode: Key overhead liquidity structures sit between $81,000 and $86,000In the latest edition of its regular newsletter, The Week Onchain, crypto analytics platform Glassnode flagged multiple pools of coins that could be released into the market below $86,000.Of particular interest are long-term holders (LTHs) — wallets holding BTC without selling for at least six months. “Above, the first heavy structure is $83K-86K, and effectively all of it is long-term holder supply that has sat through the entire drawdown,” it wrote, predicting that reaching $83,000 would test the resolve of the LTH cohort not to sell at breakeven.BTC supply distribution by wallet cohort. Source: GlassnodeIn the same zone, new ask liquidity has appeared on exchange order books. Its owners, ...