Bitcoin’s $80K Safety Net Held Once but Glassnode Says It Is Eroding

Big buyers caught bitcoin at $80,000 on Thursday, but Glassnode’s order book data shows the bids under that level are getting thinner. Glassnode posted a heatmap of resting orders on the Binance BTC/USDT spot book from Oct. 15, and relayed the following message: When Glassnode says support is weakening, it means the stack of buy orders below $80,000 has gotten smaller since the refill. The next test of that level would meet less resistance than Thursday’s did. The leverage picture points the same way, as about $930 million in leveraged positions were wiped out in the dip, $780 million of them longs. On the bounce, $53 million in shorts were liquidated .

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