BTC faces selling pressure at $83K-$86K, rangebound trade may persist

Bitcoin’s rally stalled after failing to break through selling pressure in the $83,000-$86,000 range, where long-term holder supply is concentrated, and short-term rangebound trading may continue, according to Glassnode. Glassnode said a short squeeze on Aug. 19 pushed Bitcoin above $80,000, but BTC later failed to overcome selling pressure between $83,000 and $86,000. Bitcoin then fell to around $76,000. The report added that when Bitcoin was trading near $78,000, the share of BTC supply in profit rose to 68% from 65% in May, which it said could be interpreted as a sign of growing potential selling pressure. Glassnode assessed the $62,000-$65,000 range as a key support zone and the $83,000-$86,000 range as a major resistance zone.