Glassnode: BTC breaks through key cost zone, $85,000 becomes the next key resistance level.

According to a recent report by Glassnode, Bitcoin has broken through the real market average ($78,200) and the short-term holder cost price ($79,100). If it can maintain its position in this range over the next week, the "deep value phase" since 2026 may become the shortest in Bitcoin's history. The next key resistance level is currently around $85,200. On-chain data shows that the 30-day net realized profit/loss average has turned positive to 0.003% of market capitalization, and long-term holders' realized profits have risen to $180 million per day, but this is still significantly lower than the over $1 billion level at the peak of this cycle. However, realized losses in the market are still as high as $479 million per day, 140% higher than the stable range of this cycle. Glassnode believes that a sustained decline to below $200 million is needed to confirm a healthier recovery in demand. In terms of funding, the 30-day net inflows into the US spot Bitcoin ETF have turned positive again, indicating that institutional demand is recovering. Meanwhile, the funding rate for perpetual contracts remained negative during the upward trend, indicating that short positions in the market remain heavy. If short positions continue to be squeezed, it could further drive the price up. Furthermore, there is a cluster of approximately $2 billion in "Short Gamma" positions around $82,000, and market maker hedging activities could amplify price volatility. Glassnode believes that the overall trend for Bitcoin remains strong, but the market has entered a more sensitive phase. Without sustained support from spot buying, significant selling pressure may emerge around $85,000.