Data: Glassnode: Bitcoin's short-term key support levels are at $83,400 and $80,700

According to the weekly report analysis released by Glassnode, Bitcoin's price continues to consolidate near the key on-chain cost basis, with the market facing structural pressure.

The condition of short-term holders remains weak, with their cost basis (around $96,500) being a critical bull-bear dividing line. Recent key support levels are at $83,400 and $80,700. If these levels are breached, it could trigger a deeper correction. The 30-day moving average of spot ETF fund flows has returned to neutral, alleviating structural selling pressure, but there has not been a strong inflow. Buying in the spot market has improved, with Binance leading the return of buying, while demand on Coinbase remains relatively stable. In the derivatives market, perpetual contract funding rates are generally neutral, while the options market has turned defensive, with skew leaning bearish and traders' Gamma being negative below $90,000, which could amplify downward volatility. The market lacks clear signals for liquidity inflows, and the subsequent direction depends on whether spot and ETF can form sustained demand.