Bitcoin Faces Resistance as Short-Term Holders React to Volatility

As of September 29, Bitcoin is trading near $84,200. Glassnode reports that approximately 74% of the circulating supply is in profit, with $5.1 billion in net realized gains over the last seven days. While many holders are in profit, they have not yet realized gains at levels typical of a market peak. Significant supply concentration exists between $84,000 and $85,000 from long-term holders. Additionally, Bitfinex Alpha data indicates that over 650,000 BTC have a cost basis between $85,000 and $86,500, suggesting that spot demand will be crucial to absorbing this supply.