Bitcoin’s price has faced renewed pressure after a recent decline pushed BTC toward the lower end of its current range. At the time of writing, Bitcoin is hovering above the critical $85,000 level.
While downside risks persist, sustained holder confidence is preventing a deeper correction. Long-term investors continue to act as a stabilizing force.
Bitcoin Investors Are Still Optimistic
According to Glassnode co-founder Rafael, Bitcoin treasury holdings among public companies continued to increase despite BTC’s drawdown from $125,000. This trend suggests institutional holders are not engaging in widespread forced selling. Several equities tied to Bitcoin trade below mNAV, yet accumulation persists across corporate treasuries.
This behavior highlights resilience among large investors who appear positioned for a recovery rather than short-term exits. The lack of panic selling indicates confidence in Bitcoin’s long-term value proposition.
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Bitcoin Treasury Balances. Source: Glassnode
On-chain data shows shifting macro momentum. The short-term holder to long-term holder supply ratio has climbed to 18.4%. This reading exceeds the upper statistical band of 16.9%, signaling increased influence from short-term participants.
A higher STH presence typically raises market sensitivity to capital flows. Short-term holders tend to react faster to price changes, amplifying volatility. As a result, Bitcoin may experience sharper intraday moves while long-term holders provide structural support during pullbacks.
Bitcoin STH/LTH Supply Ratio Source: Glassnode
BTC Price Falls Back to Support
Bitcoin is receiving mixed signals from resilient long-term holders and reactive short-term participants. This balance is likely to limit sharp declines while also restricting rapid upside. With short-term holders controlling momentum, BTC may continue consolidating.
At the time of writing, Bitcoin trades at $86,581, holding above the $86,361 support level. If broader conditions improve and short-term holders reduce selling pressure, BTC could recover toward the $90,401 resistance. A move above this level would help restore confidence after recent losses.
Bitcoin Price Analysis. Source: TradingView
However, losing the $86,361 support could shift momentum lower. A breakdown may expose the $84,698 level as the next support zone. Failure to hold this area could push Bitcoin below $85,000 and raise the risk of a decline toward $82,503, invalidating the bullish outlook.
