- Bitcoin rejected the US$78,000-US$79,000 resistance band tracked by Glassnode after briefly approaching US$80,000 in April.
- Glassnode said short-term holder realised profit rose to about US$4 million per hour as recent buyers sold into the rally.
- Market data showed Bitcoin near US$77,043 on May 1, with support clustered around US$65,000-US$70,000 if demand weakens.
Bitcoin (BTC) failed to hold above key on-chain resistance near US$78,000-US$79,000 (AU$108,400-AU$109,800). Short-term holders sold into the rebound and left the market vulnerable to renewed downside pressure.
Glassnode’s latest market report said Bitcoin rejected the True Market Mean and the short-term holder cost basis, two levels that often separate constructive recovery attempts from rallies that stall near holders’ breakeven price.
Market data showed Bitcoin at US$77,043 (AU$107,130) on May 1, keeping the market below the zone traders had been watching after the price approached US$80,000 (AU$111,200).
The rejection followed a sharp rebound from below US$60,000 (AU$83,400) to about US$79,500 (AU$110,500) on April 22, according to market data cited in the research notes. Glassnode said the move failed to establish stronger accumulation, even as spot selling pressure eased and buyers began to reappear.
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Holder Selling Pressure
Glassnode said short-term-holder realised profit jumped to about US$4 million (AU$5.6 million) per hour as Bitcoin approached US$80,000 (AU$111,200), roughly four times the base level seen since mid-April. The analytics firm characterised the move as recent buyers using the rally to distribute coins rather than adding exposure.
That behavior matters because short-term holders are typically more sensitive to breakeven levels than long-term holders. When price returns to cost basis after a drawdown, selling pressure can cap the move before a broader trend reversal develops.
Glassnode also flagged 475,301 BTC held around the US$77,800-US$80,880 (AU$108,100-AU$112,400) range, creating a thick overhead supply zone.
A decisive break above that band would likely require stronger spot demand or institutional inflows, which Glassnode said had not yet been confirmed.
Likewise, the firm said directional premium in perpetual futures had reached its most negative level on record, showing a deep short bias that could amplify volatility if demand improves and forces short positions to unwind.
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