Glassnode’s analysis shows Bitcoin trading in a well-defined range, with an accumulation floor between $62K and $65K and dense overhead resistance between $83K and $86K. The August 19 short squeeze consumed 86% of available liquidation fuel, leaving 14% of residual pressure between $82K and $86K. Approximately 8% of Bitcoin’s total supply is concentrated between $80K and $82K, with the largest accumulation cluster at $80K representing 5% of supply. The share of Bitcoin supply held in profit rose from 65% in late May to 68% in late August, signaling increasing sell-side pressure from long-term holders.
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