Bitcoin Rebounds Above $82,000, but One Warning Sign Raises Concerns

Bitcoin brushed $80,000 on Thursday before bouncing back above $82,000. While buyers managed to defend this key threshold, Glassnode notes a sign of fragility: buy orders supporting the price are becoming scarce below this symbolic level. A situation that deserves attention, as tensions over US inflation continue to weigh on markets.

At $80,000, buyers hold firm, but their reserve diminishes

The day before, the market analysis already highlighted the central role of the $80,000 threshold. On Thursday, Binance’s order book confirmed its importance.

Before 1 pm, bitcoin traded between $80,500 and $81,900, supported by a significant volume of buy orders at $80,000. Then, the price slipped to $79,800, putting this reserve to a tough test.

About twenty minutes later, Glassnode spotted new buy orders appearing just below this threshold. Buyers then reinforced their presence, allowing bitcoin to rise back to $82,634. In the evening, the price found new support around $82,000.

However, Glassnode emphasizes an important point: even though buyers defended $80,000, available orders below this level remain fewer than before. In other words, the next pullback may face less support.

Liquidations fuel the rebound despite economic tensions

Movements in derivative markets also explain part of this rise. The decline triggered about $930 million in liquidations, including $780 million of long positions. Then, the rebound resulted in $53 million in short position liquidations.

These forced buybacks can accelerate an uptrend but do not guarantee its continuation. Meanwhile, the US economic context continues to fuel concerns.

US wholesale prices rose 6.3% year over year, after the release of a consumer price index at its highest level in four months. Meanwhile, Beth Hammack, president of the Cleveland Fed, mentioned the possibility of a tougher response to inflation.

Investors are also awaiting the next statements from the Federal Reserve chairman. At the same time, US ETFs backed by bitcoin and ether recorded $391 million in outflows in a single session.

How high can bitcoin rise?

Prediction markets provide insight into investors’ expectations. At the start of the session, bettors estimated a 94.8% probability of closing above $80,000 and 53.5% probability of a price above $82,000.

By mid-morning, these probabilities had climbed to 97.2% and 68.5%, while the $84,000 threshold convinced only about 4% of bettors.

In the longer term, expectations remain mixed. The annual market, which represents nearly $76 million in volume, attributes a 38.5% chance to an increase up to $95,000 before December 31, versus 37.5% for a drop to $70,000.

Willy Woo, however, is more optimistic. According to him, bitcoin has already absorbed a significant part of its correction, even as stock markets were setting records.

The $80,000 threshold therefore held for the first time. But the question remains: will buyers have enough reserves to defend this level on the next pullback? The answer will mainly depend on the actual evolution of orders in the market.

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