Bitcoin Hits an $83K 'Cost Wall': Sell Pressure Falls to a New Low for the Year, While Short Fuel Thickens

Original author: Glassnode

Original translation: AididiaoJP, Foresight News

Bitcoin is once again approaching a resistance band. Cost basis data, liquidation heatmaps, and institutional breakeven levels all paint nearly the same line. But the selling pressure pushing into this resistance is the lightest it has been all year. Measured inflation has fallen to a two-year low, yet yields remain at cycle highs.

Key Takeaways

• Bitcoin has risen 23% over the past 21 trading days, while equities have barely moved over the same period and remain down 10% year-to-date.
• Core inflation has fallen to a two-year low of 2.5%, while inflation expectations sit at 3.6% — the widest gap in three years.
• Long-term holder cost basis, liquidation heatmaps, and ETF breakeven all place the ceiling at $83,000 to $86,000; spot came within just 1.5% of touching the lower bound.
• Selling intensity on the push higher was less than half of August's level, with long-term holders largely absent from this round of selling.
• Bottom signals that had been highly resonant for months have now faded, and altcoins are not stealing share from Bitcoin as they did before previous tops.

A Late Start to the Year

Closing the gap from the bottom