Bitcoin Sees 23% Increase Amid Market Stability

On-chain analysis platform Glassnode reported that Bitcoin has experienced a significant rise of 23% over the past 21 trading days. This increase comes at a time when major stock indices, such as the S&P 500 and Nasdaq 100, have remained relatively flat, both down 10% year-to-date. The report highlights that the resistance levels for Bitcoin are estimated to be between $83,000 and $86,000, with the current spot price approximately 1.5% below the lower end of this range.

Long-term holders have purchased around 1.07 million Bitcoins within the $83,000 to $86,000 range, with the majority of these positions concentrated near $85,000. This block of holdings has shown little change over the past month. Selling pressure at the upper resistance level is currently calculated at 7 basis points per day, significantly lower than the peak of 16 basis points observed in August. Additionally, the profit realization ratio for long-term holders has decreased from 88% in August to 47%.

The report also notes that the breakeven point for the U.S. spot exchange-traded fund (ETF) has been around $86,000, with the paper loss narrowing to approximately $3.9 billion. Meanwhile, U.S. core inflation has dropped to a two-year low of 2.5%, and inflation expectations stand at 3.6%, marking the widest gap in three years. The 10-year U.S. Treasury yield has closed at 4.8%, nearing a two-year high, while the derivatives liquidation heatmap indicates a 21% increase in the short liquidation shelf between $82,000 and $86,000 since the market squeeze on August 19.

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Source: KLEA News