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Bitcoin holds near $78K as macro catalysts loom
On-chain data highlights an overhead price band of $83,000 to $86,000 and shows sell-side risk easing, while CPI data is set for Sept. 11.
Bitcoin is trading just above the $78,000 area as investors wait for upcoming macro events to confirm whether markets have underpriced risks for rates, oil, and policy expectations, CryptoSlate reports. The article points to Brent crude trading above $100, the US 10-year Treasury yield at 4.80% on Sept. 8, and recent positioning that leaned toward another Federal Reserve rate hike.
Glassnode data cited in the coverage frames $83,000 to $86,000 as an overhead band where multiple measures converge, including long-term-holder cost basis, modeled short-liquidation exposure, and estimated US spot ETF break-even levels. The report also says more than 1 million BTC was acquired in that range, and that the modeled short-liquidation shelf from $82,000 to $86,000 grew 21% after Aug. 19, with the ETF complex break-even near $86,000.
The same framework identifies an intermediate level near $80,500 tied to corporate treasuries break-even estimates, while Bitcoin’s downside reference points include Glassnode’s True Market Mean around $76,600. Deeper accumulation floors are described as $62,000 to $65,000, alongside modeled long-liquidation exposure around $60,000 to $63,000.
Beyond price thresholds, the article says Glassnode’s seven-day Sell-Side Risk Ratio fell from a 16 basis-point August peak to 7 basis points per day, and long-term holders’ share of realized profit dropped from 88% to 47%. It also flags US inflation data, with the Bureau of Labor Statistics set to publish August inflation at 8:30 a.m. ET on Sept. 11, after July headline CPI of 3.4% year over year and core inflation of 2.5%.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%|Bitcoin $77,087.06 ▼1.5%