[Glassnode: Bitcoin Will Remain Range-Bound, Resistance at $83,000 to $86,000] BlockBeats News, September 3, Glassnode released a report stating that the mid-August short squeeze drove a Bitcoin rebound, pushing the price above $80,000 on August 27. However, the price encountered resistance in the long-term upper supply zone, falling back to around $76,000 and triggering consecutive long liquidations. Currently, the $83,000 to $86,000 range still holds a significant concentration of potential short liquidation positions, while the $60,000 to $63,000 range below contains an unabsorbed dense area of long liquidations. BTC is currently trading between these two levels. On-chain data shows that when Bitcoin traded near $78,000 in May this year, approximately 65% of the supply was in profit. By the end of August, when the price returned to the same level, this proportion had risen to 68%. The summer redistribution of holdings has pushed the cost basis for short-term holders to around $71,000. At this price level, more profitable coins are now activated, increasing potential selling pressure. Based on the combined cost basis and coin distribution, the $62,000 to $65,000 range serves as an accumulation support zone, while the $83,000 to $86,000 range is a concentrated supply zone for long-term holders. During the rebound, the 7-day average net inflow of U.S. Bitcoin spot ETFs peaked at $290 million per day, but secondary market daily trading volume remained around $3 billion, significantly lower than during previous expansion phases. Meanwhile, the yield on the U.S. 10-year Treasury briefly dropped to 4.6% following the Treasury's buyback announcement on August 19, but it returned to 4.8% within just eight trading days, setting a new high for this cycle. This indicates that sovereign debt pressures continue to impact market valuations. In the options market, short-term optimism has cooled, while demand for long-term options remains. The open interest for Deribit and IBIT options expiring on September 25 is approximately $14 billion, with a large number of positions concentrated above $80,000, potentially serving as key volatility and position anchors in the coming weeks. Until the supply above $83,000 to $86,000 is absorbed, BTC will remain range-bound, with $62,000 to $65,000 as the primary downside reference zone. [Original Link]