Bitcoin Rebounds Above $82,000, but One Signal Is Cause for Concern
Bitcoin came close to $80,000 on Thursday before rebounding above $82,000. While buyers managed to defend this key threshold, Glassnode nevertheless points to a sign of fragility: buy orders supporting the price are becoming scarce below this symbolic mark. The situation warrants attention as concerns about U.S. inflation continue to weigh on markets.
On Thursday, bitcoin touched $79,800, using up some of the buy orders positioned at $80,000 on Binance. Fresh demand then pushed its price to $82,634.
According to Glassnode, there are fewer buy orders below $80,000, which could weaken the next rebound.
Liquidations accompanied the move, while U.S. wholesale prices rose 6.3% year over year.
At $80,000, Buyers Are Holding Their Ground, but Their Reserves Are Shrinking
The day before, market analysis had already highlighted the central role of the $80,000 threshold. On Thursday, Binance's order book confirmed its importance.
Before 1 p.m., bitcoin traded between $80,500 and $81,900, supported by a substantial volume of buy orders at $80,000. The price then fell to $79,800, putting this reserve to a severe test.
However, Glassnode emphasizes an important point: although buyers defended $80,000, there are fewer orders available below this level than before. In other words, the next decline could find less support.
$BTC
$GLAD.US
$POL
#BTC
Bitcoin came close to $80,000 on Thursday before rebounding above $82,000. While buyers managed to defend this key threshold, Glassnode nevertheless points to a sign of fragility: buy orders supporting the price are becoming scarce below this symbolic mark. The situation warrants attention as concerns about U.S. inflation continue to weigh on markets.
On Thursday, bitcoin touched $79,800, using up some of the buy orders positioned at $80,000 on Binance. Fresh demand then pushed its price to $82,634.
According to Glassnode, there are fewer buy orders below $80,000, which could weaken the next rebound.
Liquidations accompanied the move, while U.S. wholesale prices rose 6.3% year over year.
At $80,000, Buyers Are Holding Their Ground, but Their Reserves Are Shrinking
The day before, market analysis had already highlighted the central role of the $80,000 threshold. On Thursday, Binance's order book confirmed its importance.
Before 1 p.m., bitcoin traded between $80,500 and $81,900, supported by a substantial volume of buy orders at $80,000. The price then fell to $79,800, putting this reserve to a severe test.
However, Glassnode emphasizes an important point: although buyers defended $80,000, there are fewer orders available below this level than before. In other words, the next decline could find less support.
$BTC
$GLAD.US
$POL
#BTC