Viewpoint: Bitcoin faces multiple layers of resistance in the $83,000–$86,000 range, and leveraged positions have not been re-increased.

Glassnode’s market analysis shows that during Bitcoin’s current rebound window, U.S. spot Bitcoin ETFs recorded a net inflow of $2.23 billion, marking the strongest weekly inflow since 2026. Bitcoin continues to flow out of exchanges, while wallets of all sizes are accumulating holdings. Over the same period, Bitcoin futures open interest fell 11% in coin terms, with funding rates remaining largely neutral, indicating no significant reaccumulation of market leverage. From a market structure perspective, Bitcoin is currently in a recovery phase, but upward supply pressure is building. Data shows cost-base resistance from self-custody holders starting around $80,800, a dealer gamma flip point near $82,300, and multiple resistances in the $82,000–$86,000 range including short liquidations, long-term holder supply, and order book sell orders. Glassnode notes that the $83,000–$86,000 range is the core supply zone facing this rebound; if Bitcoin can hold above $83,300 while ETF inflows continue, it may signal the market is gradually absorbing this supply wall. On the downside, the cost base for short-term holders is around $70,000, while the $62,000–$65,000 range forms a more critical bottom support zone. The options market is not pricing in a clear directional breakout expectation; as of the September 25 expiry, the options-implied 70% middle outcome range is roughly $69,000–$89,700, overall pointing to Bitcoin continuing to oscillate between key support and resistance levels. Glassnode believes a break below $70,000 would first test the $62,000–$65,000 support zone; a drop back to near $62,900 would likely mean this rebound has been fully reversed.