Bitcoin Fails to Break Above $83k-$86k Supply Zone: $62k-$65k Accumulation Area Lies Below

Following a recovery above $80,000, Bitcoin failed to clear the $83k-$86k supply zone; the price remains trapped between this region and the $62k-$65k structural floor.

After rising above $80,000 on August 27, Bitcoin encountered overhead supply and retraced to approximately $76,000. According to Glassnode’s latest on-chain analysis, the price is moving between the $83k-$86k supply zone above and the $62k-$65k accumulation area below.

These two regions gain significance from the intersection of areas where investors accumulated Bitcoin at various cost bases and liquidation clusters in futures markets. The upward price movement stalled before reaching the heavy short-position liquidations located between $83k and $86k. On the downside, long-position liquidations are seen clustering around $60k-$63k.

Why couldn’t the Bitcoin price stay above $80,000?

When Bitcoin returned to approximately $78,000, the share of supply in profit rose from 65% in May to 68%. This increase indicated that more Bitcoin could realize profits from selling at the same price level. Accumulation during the summer months pushed the cost basis for short-term holders to approximately $71,000.

On the institutional side, average daily inflows into spot Bitcoin ETFs reached as high as $290 million. However, the daily trading volume of ETFs in secondary markets remained around $3 billion. According to Glassnode, inflows driven by news cycles can coincide with local turning points when broader market momentum is absent.

Macro conditions also increased the pressure on Bitcoin. The US 10-year Treasury yield rose from 4.6% to 4.8% in eight trading days, reaching a new cycle high. Furthermore, there is approximately $14 billion in open interest for the quarter-end option expiry on September 25. This heavy positioning serves as a significant anchor for volatility and positioning in the coming weeks.