Bitcoin Faces Heavy Supply at $84,000-$85,000; Breakout, Hold Above Needed
Minseung Kang
Summary
- Bitcoin's rally is losing momentum in the $84,000-$85,000 range, where supply held by long-term investors is heavily concentrated.
- Glassnode said the range is Bitcoin's thickest supply zone.
- Glassnode said Bitcoin needs to break above that price range and hold there for the rally to continue.
Forecast Trend Report by Period
Bitcoin's rally is losing momentum in the $84,000 to $85,000 range, where supply held by long-term investors is heavily concentrated, according to an analysis published on September 29.
Glassnode, an on-chain analytics firm, wrote on X that Bitcoin was stalling below its thickest supply zone.
The $84,000 to $85,000 band contains more long-term holder supply than any other price range on the chart, Glassnode said.
Glassnode said Bitcoin needs to break above that range and hold there for the uptrend to continue.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.