[DigitalToday reporter Choo Hyun-woo (추현우)] Bitcoin is being blocked by strong selling pressure in the $83,000 to $86,000 range, raising the possibility it will remain range-bound for the time being. CoinPost reported on Sept. 3 (local time) that on-chain analytics firm Glassnode said in its weekly report that Bitcoin’s spot price is staying between upper resistance and lower support zones.

Glassnode said the recent rebound was blocked by long-term holder supply in the $83,000 to $86,000 range. It said strong buying support has formed in the $62,000 to $65,000 range below the current price after summer range trading.

The macro environment was also cited as a burden. It said the U.S. 10-year Treasury yield rose to 4.8 percent, wiping out gains driven by market relief linked to a U.S. Treasury buyback policy in 8 trading sessions. Bitcoin rose above $80,000 on Aug. 27 before sliding to around $76,000, with forced liquidations of long positions during the move.

It pointed to a rise in the share of unrealised profits across the network as a factor behind the selling pressure. When Bitcoin traded around $78,000 in May, about 65 percent of total supply was in unrealised profit, but the share rose to 68 percent when it returned to a similar price level in late August. That reflected continued accumulation over the summer, which reset the short-term holders’ average cost basis to around $71,000.

Money flowed into U.S. spot bitcoin ETFs. Average daily inflows on a 7-day moving average basis reached $290 million. Daily trading value, however, stayed around $3 billion, falling short of the trading frenzy seen in past upswings. Glassnode noted that inflows driven by specific policy news, such as U.S. Treasury buybacks, often weaken again once the catalyst fades.

Investor sentiment in the options market has returned to neutral levels. Open interest for Sept. 25 expiry was tallied at about $14 billion, combining Deribit and options on BlackRock’s spot bitcoin ETF, IBIT. Positions were concentrated above the $80,000 strike level, and it was analysed as a reference point for volatility and position-building in the coming weeks.