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$76,900 Will Serve as Short-Term Support for Bitcoin — Glassnode
Bitcoin’s (BTC) market structure continues to become more constructive, although the nature of the move toward new highs differs significantly from the aggressive rallies observed between 2023 and 2025. This was stated by analysts at Glassnode.
The analysts pointed to strengthening spot market demand, renewed ETF inflows, and improving speculative positioning.
According to the report, Bitcoin has approached a dense supply zone between $82,000 and $87,000. Absorbing the remaining selling pressure will require stronger spot market participation and deeper capital rotation.
The current rally has largely been driven by a wave of coin accumulation over the past 30 days. The average cost basis of this cohort stands at $76,900, forming a short-term support level for Bitcoin.
Resistance is located around $86,900 — the average purchase level of investors who accumulated Bitcoin during the market consolidation phase between November and February. This group of investors is now facing increasing incentives to take profits and exit positions.
Source: Glassnode.
Recovery Rather Than a Full Bull Run
Capital inflows are improving but still remain significantly below the breakout thresholds observed in previous cycles. Lower volatility and restrained derivatives positioning suggest a gradual return of confidence rather than a phase of market euphoria.
As a result, the current upward move appears more like a recovery supported by structural factors than a fully confirmed transition into a new bull market.
A sharp decline in relative unrealized losses, combined with stabilization in key on-chain profitability and liquidity metrics, suggests that the February decline is being viewed as a cyclical correction rather than the beginning of a deeper bear market.
Analysts concluded that if the $60,000 level ultimately proves to be the cycle bottom, this bear market would become the “shallowest” in Bitcoin’s history: the market experienced fear, but never reached the broad capitulation that has historically characterized the final phase of bear cycles.
Source: Glassnode.
