Glassnode: BTC Breaks Key Cost Zone, $85,000 Next Key Resistance Area

BlockBeats News, May 6th, Glassnode's latest report pointed out that Bitcoin has surpassed the Realized Price Cap ($78,200) and Short-Term Holder Cost Basis ($79,100). If it can continue to hold above this range in the next week, the "deep value phase" since February 2026 may become the shortest in Bitcoin's history. The next key resistance level in the current market is around $85,200.

On-chain data shows that the 30-day Net Unrealized Profit/Loss (NUPL) has turned positive to 0.003% of market cap. Long-Term Holder Realized Profits have increased to a daily $180 million but are still significantly below the peak of over $1 billion seen earlier in this cycle. However, daily Unrealized Losses remain high at $479 million, 140% higher than the stable range in this cycle, Glassnode believes it needs to continue to fall to below $200 million to confirm a healthier demand recovery.

On the funding side, the 30-day net inflow of the U.S. Bitcoin Spot ETF has turned positive again, indicating recovering institutional demand. Meanwhile, the perpetual contract funding rate, while rising, remains negative, indicating a heavy short position in the market. If the shorts continue to be squeezed, it may further drive up the price.

Furthermore, around $82,000, there is a cluster of around $2 billion in "Short Gamma" positions, and market maker hedging behavior could amplify price volatility. Glassnode believes that the overall trend of Bitcoin is still bullish, but the market has entered a more sensitive phase. If there is a lack of sustained spot buying support, significant selling pressure may emerge around $85,000.