Cryptocurrency analysis firm Glassnode assessed the current market outlook after Bitcoin broke through a key cost zone.
According to the firm’s report, Bitcoin has risen above both the $78,200 level, defined as the “true market average,” and the $79,100 level, which is the average cost level for short-term investors. Analysts said that if BTC can sustain above this area throughout next week, the “deep value phase” that has been ongoing since February 2026 could be recorded as one of the shortest in Bitcoin history. According to Glassnode, the next important resistance level in the market is around $85,200.
According to the company’s on-chain data, the average net realized profit/loss ratio over the past 30 days turned positive again, reaching 0.003% of market value. It added that while the amount of daily gains realized by long-term investors increased to $180 million, this figure was still well below the level of more than $1 billion at the peak of the current cycle.
However, daily realized losses in the market still amounted to $479 million, which is said to be approximately 140 percent above the stable range seen throughout the cycle. Glassnode noted that realized losses need to fall below $200 million to see a healthier recovery.
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The report also includes notable data on institutional demand. 30-day net inflows into the US Spot Bitcoin ETF are back to positive, indicating that institutional investor interest is returning. Meanwhile, despite Bitcoin’s rise, funding rates in the futures market remain negative, suggesting that short positions remain concentrated in the market. Analysts said if the short squeeze continues, it could put further upward pressure on prices.
Glassnode also noted that there is a concentration of “short gamma” positions worth about $2 billion around $82,000, and hedging trades by market makers could increase volatility. The company believes that while Bitcoin’s overall trend remains strong, the market has entered a more sensitive phase.
Analysts say that without continued buying support from the spot market, there is likely to be strong selling pressure around $85,000.
*This is not investment advice.
