[DigitalToday reporter Yeseul Kim] Bitcoin has risen above 2 key on-chain indicators at the same time, bringing the area around $85,000 into focus as the next major resistance level.

On May 7 (local time), blockchain media outlet CoinDesk reported that bitcoin has climbed over the past 3 months from about $63,000 to above $80,000, with signals from on-chain data, futures and options markets pointing in the same direction.

Bitcoin is currently trading above both the true market mean of $78,200 and the short-term holder cost basis of $79,100. The true market mean is the average purchase price of bitcoin that is actually traded, excluding coins that have not moved for a long time or are lost. The short-term holder cost basis refers to the average acquisition price of investors who bought bitcoin within the last 6 months.

If the spot price is above these 2 levels, it is interpreted as a sign that many active investors and short-term buyers have entered profit territory. Glassnode said that if bitcoin stays above these 2 price levels over the next week, the undervaluation phase that has continued since early February 2026 could become one of the shortest such episodes in bitcoin market history. It cited the active realized price near $85,200 as the next structural resistance level.

Downside pressure is easing in the futures market. Over the past 3 months, bitcoin futures funding rates have mostly been negative, meaning demand for downside bets was strong. Arbitrage that involves buying spot bitcoin or spot bitcoin ETFs while selling futures at the same time was also cited as a factor that intensified this pressure.

More recently, however, funding rates have turned neutral or slightly positive. This suggests a significant portion of existing short positions may already have been closed. If bitcoin rises further, a short squeeze could occur as remaining short positions cover by buying back futures, potentially amplifying gains. Bitfinex said funding rates returning to neutral means short sellers are not present in large numbers, and that there is room for further upside.

The structure of the options market is also tilting toward gains. Market makers hold about $2 billion in short gamma exposure around $82,000. In this setup, as prices rise, market makers may make additional purchases to rebalance toward neutral, which could increase upward pressure. Conversely, if prices fall, selling pressure could increase in the same way.

Bitcoin, however, remains closely linked to U.S. technology stocks. If equity markets swing sharply toward risk-off flows, bitcoin's rise could slow or stop.