Bitcoin is back near $83,000. Here’s how to assess its support
Bitcoin’s rebound near $83,500 is examined using Glassnode’s proximity-weighted cost-basis framework, which emphasizes on-chain cost bases close to spot to estimate potential support and resistance. Its Support and Resistance indexes indicate whether nearby weighted supply lies mostly below or above price, but they do not show whether holders will actually sell. The measures also shift with volatility and should be compared with their own history. A stronger recovery would combine improving support positioning with buyers absorbing offered supply; repeated failed retests, resistance-heavy positioning and weak buying would undermine it. Rate expectations around the Oct. 27–28 Fed meeting could affect demand, but the key test is whether buyers can absorb nearby supply.
