- Bitcoin reclaimed two major on-chain support levels, signaling bullish market strength
- Glassnode identifies $85,200 as the next critical resistance zone for BTC
- ETF inflows and whale positioning continue improving as shorts pile into the market
Bitcoin bulls are starting to regain control of the market again, at least according to Glassnode’s latest on-chain analysis. BTC recently pushed above both the True Market Mean at $78,200 and the Short-Term Holder Cost Basis around $79,100, two levels that traders were watching closely for signs of structural recovery.
Holding above these price zones matters more than it might seem at first glance. According to Glassnode analysts, it suggests the deep-value phase that began back in early February 2026 may already be ending, which would make this one of the shortest bearish reset periods in Bitcoin history.
Why The $85K Level Matters So Much
Now though, the real test begins. Glassnode points to $85,200 — the Active Realized Price — as the next major resistance level, and honestly, this is where things could get messy.
That price represents the average cost basis for active, non-dormant Bitcoin supply. In simpler terms, a huge number of holders who bought near local highs suddenly approach breakeven once BTC touches this zone, and breakeven traders tend to sell fast once they finally get the chance.
It’s not emotional, it’s just market behavior repeating itself again. The overhead supply sitting around $85K could easily slow momentum unless stronger spot buying steps in to absorb the pressure.
ETF Demand And Whales Are Turning Bullish Again
One reason bulls still look confident is the steady improvement happening underneath the surface. U.S. spot Bitcoin ETFs have started attracting positive flows again, with the 30-day moving average finally flipping positive after weeks of consistent outflows.
That shift matters because ETF demand often acts as a steady institutional bid supporting broader market strength. At the same time, major Bitcoin traders on Hyperliquid have reportedly pushed net long positions to fresh highs for 2026, showing whales are still leaning bullish despite resistance overhead.
Meanwhile, perpetual futures markets remain heavily short-biased, which creates an interesting setup. If Bitcoin starts breaking higher unexpectedly, those short positions could get squeezed aggressively, adding even more fuel to the move above resistance.
The Structure Still Looks Constructive
Right now, the overall market structure feels surprisingly solid compared to earlier this year. ETF inflows are recovering, large holders remain positioned long, and bearish traders continue stacking shorts into a strengthening market environment.
Historically, that combination tends to end painfully for short sellers once momentum accelerates. Whether Bitcoin cleanly breaks above $85K immediately or struggles there temporarily, the broader setup increasingly looks like more than just another short-lived relief bounce.
There’s still risk, obviously, because crypto markets rarely move in straight lines for very long. But for now, bulls finally seem to have something real working in their favor again.
