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Glassnode says Bitcoin faces $83K-$86K supply pressure near term

  • Glassnode said BTC remains range-bound after an Aug. 19 short squeeze.
  • BTC rose above $80,000 but stalled below the $83,000-$86,000 zone.
  • BTC retreated after failing to clear the long-term holder supply area.

Bitcoin remains range-bound in the near term after an Aug. 19 short squeeze pushed it above $80,000, Glassnode said. The rally stopped below the $83,000-$86,000 supply zone held by long-term investors before BTC retreated. A short squeeze occurs when rising prices force bearish traders to close positions, adding buying pressure.

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