- Bitcoin price faces $78,000 support, while Glassnode identifies broader resistance between $83,000 and $86,000.
- Glassnode says spot ETF paper losses narrowed from roughly $18 billion to $3.9 billion in its latest analysis.
- A proposed head-and-shoulders pattern is unconfirmed, with a daily close below $78,000 strengthening the bearish case.
Bitcoin price faces a near-term support test around $78,000 as analysts flag compressed volatility and overhead selling barriers. Liquidation clusters near $80,000 create a potential upside target, while a proposed bearish pattern awaits confirmation.
Meanwhile, Glassnode identifies a broader resistance zone linked to investor acquisition costs. Its research places institutional break-even levels above the immediate trading range, separating short-term recovery targets from a larger structural breakout.
Bitcoin price confronts ETF costs above the immediate range
Glassnode places the main cost-basis resistance band between $83,000 and $86,000. Its model estimates that U.S. spot Bitcoin ETFs collectively break even near the upper boundary.
The ETF complex’s unrealized loss narrowed to approximately $3.9 billion after reaching roughly $18 billion in February. These figures describe paper losses on underlying holdings, rather than fund withdrawals.
A Bitcoin price move through that zone would strengthen the broader recovery case. Nevertheless, Glassnode also reports lighter selling pressure than in August, offering a counterpoint to bearish interpretations.
On shorter charts, MikybullCrypto identifies a Bollinger Band squeeze, signaling compressed volatility without establishing the next direction. Crypto Tony prefers a test of the untouched range low before potential upward continuation.
Neckline and liquidation clusters define downside tests
Analyst Gerla identifies a possible head-and-shoulders formation, with the right shoulder potentially developing during the latest rebound. His Bitcoin price scenario depends on losing the neckline around $78,000–$79,000.
A decisive daily close below $78,000 would strengthen that interpretation and expose support between $76,000 and $77,000. The larger $70,000 objective is conditional, with daily Supertrend support near $72,786 providing an intervening level.
CoinGlass’ three-day heatmap shows nearby overhead concentrations around $79,700–$80,200, followed by clusters toward $82,000. Below price, concentrations appear near $78,000 and $77,500–$77,800.
A Bitcoin price recovery above $80,150 would weaken the immediate bearish structure and bring $81,500–$82,283 into focus. Conversely, losing support could accelerate long liquidations.
Separately, CryptoQuant contributor GugaOnChain warns of a potential long squeeze, citing exhausted momentum in his indicator framework. That assessment does not confirm that forced selling has begun.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
