Bitcoin jumps 26% on ETF inflows and on-chain strength; $82K–$86K emerges as pivotal resistance

Bitcoin has climbed 26% from its mid-August low, according to ChainThink citing Glassnode’s latest weekly on-chain report. The move was sparked by a record single-day short liquidation and then reinforced by steady spot ETF inflows, falling exchange balances, and broad-based accumulation across wallet cohorts. Glassnode notes that Aug. 19 saw the largest single-day short liquidation since 2019. Short positions accounted for 85% of all liquidations during the rally, and the market has already absorbed 86% of the modeled liquidation liquidity. A sizeable pocket of potential short liquidations remains concentrated between $82,000 and $86,000, while long liquidations are clustered between $60,500 and $62,400. U.S. spot Bitcoin ETFs posted $2.23 billion in cumulative net inflows over the period, extending to seven straight sessions without outflows and marking the year’s strongest seven-day intake. Derivatives positioning points to a rally not primarily fueled by fresh leveraged longs. Futures open interest (measured in coin terms) fell 11%, and perpetual funding stayed broadly neutral. On the supply side, Glassnode flags $83,000 to $86,000 as the most consequential resistance band, where long-term holder supply, market-maker Gamma-negative exposure, and a dense concentration of short-liquidation levels converge. On the downside, the short-term holder cost basis sits below $70,000, with the June–August consolidation creating a key cost-basis zone around $62,000 to $65,000. Options pricing also leans toward consolidation. The implied range covering the middle 70% of outcomes is roughly $69,000 to $89,700, with the median near the current spot level—suggesting the market is positioned for range trading rather than a decisive breakout.