glassnode: Bitcoin's Short-Term Key Support Level at $83,400, Recovery in Spot and ETF Demand Crucial for Stabilization

Odaily News glassnode noted in its latest weekly report that Bitcoin continues to consolidate around several structurally significant on-chain price levels, with the market in a delicate balance between holder confidence and marginal demand. The report indicates that short-term holder conditions remain weak. The lower bound of the current price compression range (-1 standard deviation) is around $83,4, which constitutes a key near-term support level. A break below this level could lead the price to further retest the true market mean around $80,7.

glassnode also stated that overall capital flows have stabilized, with ETF selling pressure easing and initial improvements in spot market positioning, particularly in offshore markets, indicating a gradual recovery in buyer interest. On the derivatives front, funding rates remain neutral, leverage levels are low, and price influence from speculative factors is limited. However, positioning adjustments in the options market remain cautious, with skew turning bearish, short-term protection costs rising, and dealer gamma dropping below zero, suggesting the potential for more pronounced price swings during periods of heightened volatility.

The report suggests that the core of the subsequent price action lies in whether spot and ETF demand can sustain a recovery. If capital inflows persist alongside stronger spot buying, prices are likely to stabilize and continue their uptrend. Conversely, if downside hedging demand continues to rise, the market may remain range-bound or even face a deeper correction.