Glassnode: BTC Breaks Through Key Cost Zone, $85,000 Becomes Next Critical Resistance Level

BlockBeats News, May 6 — According to the latest report from Glassnode, Bitcoin has broken above the true market average ($78,200) and the short-term holder cost basis ($79,100). If it can sustain above this range in the coming week, the “deep value phase” that has lasted since February 2026 may become the shortest in Bitcoin’s history. The current key resistance level in the market is around $85,200.

On-chain data shows that the 30-day net realized profit and loss average has turned positive to 0.003% of market cap. Long-term holders’ realized profits have risen to $180 million daily, but still significantly below the peak of over $1 billion during this cycle. However, realized losses in the market remain high at $479 million daily, 140% above the stable range of this cycle. Glassnode believes that a continued decline below $200 million is necessary to confirm a healthier demand recovery.

In terms of funding, the 30-day net inflow of US spot Bitcoin ETFs has turned positive again, indicating institutional demand is recovering. Meanwhile, the funding rate for perpetual contracts remains negative during the upward movement, suggesting that market short positions are still heavy. If shorts continue to be squeezed, it could further drive prices higher.

Additionally, there is approximately $2 billion in “Short Gamma” positions clustered around $82,000, which could amplify price volatility due to market maker hedging behavior. Glassnode believes that Bitcoin’s overall trend remains strong, but the market has entered a more sensitive stage. Without sustained spot buying support, there may be significant selling pressure around $85,000.