Glassnode: Bitcoin's short-term support level is about 83400 US dollars, and the recovery of spot and ETF demand is key

According to Glassnode's latest weekly report, Bitcoin is currently consolidating near structurally important price levels on multiple chains, with weak short-term holder status. The lower edge of the price compression range is about 83400 US dollars, forming a key support level. If it falls below this level, it may retrace to the true market average of about 80700 US dollars. The report shows that capital flows are stabilizing, ETF selling pressure is easing, spot market positions are improving, and offshore market buyer interest is gradually recovering. Derivative financing rates are neutral, with low leverage levels, but the options market is bearish, resulting in increased short-term protection costs. When volatility intensifies, prices may fluctuate sharply. The subsequent trend depends on whether the demand for spot and ETF can continue to rebound.