Bitcoin rejected key on-chain resistance near US$78,000–US$79,000 in late April after briefly approaching US$80,000, according to market analysis from Glassnode. The rejection left the market vulnerable to renewed downside pressure as short-term holders sold into the rebound.
Price Action and Resistance Levels
Bitcoin traded near US$77,043 (AU$107,130) on May 1, remaining below the resistance zone that traders had been monitoring. The price action followed a sharp rebound that began below US$60,000 (AU$83,400) and reached approximately US$79,500 (AU$110,500) on April 22, according to market data cited in Glassnode’s research.
Glassnode identified the rejection as occurring at the True Market Mean and the short-term holder cost basis—two on-chain levels that typically separate constructive recovery attempts from rallies that stall near holders’ breakeven price. The analytics firm noted that the move failed to establish stronger accumulation despite spot selling pressure easing and buyers beginning to reappear.
Holder Selling Pressure and Supply Zones
Short-term holder realized profit jumped to approximately US$4 million (AU$5.6 million) per hour as Bitcoin approached US$80,000, roughly four times the base level observed since mid-April. Glassnode characterized this behavior as recent buyers using the rally to distribute coins rather than adding exposure.
The firm flagged 475,301 BTC held in the US$77,800–US$80,880 (AU$108,100–AU$112,400) range, creating what it described as a thick overhead supply zone. Glassnode stated that a decisive break above this band would likely require stronger spot demand or institutional inflows, which the firm said had not yet been confirmed.
Futures Market Positioning
Glassnode noted that directional premium in perpetual futures had reached its most negative level on record, indicating a deep short bias. The firm suggested this positioning could amplify volatility if demand improves and forces short positions to unwind.
If demand weakens, market support is clustered around the US$65,000–US$70,000 range, according to the market data presented in Glassnode’s analysis.
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