Glassnode Puts Bitcoin (BTC) Long Liquidation Band at $73,000–$76,000

The $73K–$76K Liquidation Band

Long liquidations concentrate between $73,000 and $76,000 beneath the market, and short positions stack near $87,000 above it; on-chain research firm Glassnode reads the space between as a market that has already reset. Its weekly report, published on Wednesday, November 4, frames the roughly 10% correction from September's high as a “healthy reset”, the burning off of an overheated market rather than structural damage. The evidence sits in holder profitability. In early October, more than 97.5% of coins held by short-term holders, investors who bought within the past 155 days, were in profit. That share has since fallen to about 38%. Reset, in the report's vocabulary, means the profit cushion built through the late-summer rally has been spent. The Bitcoin ($BTC) price sits at $80,534 at the time of writing, up 4.8% over the past 24 hours. Glassnode sets one threshold for recovery: if the profit share climbs back above 50% while the price holds, recent buyers are profitable again and their conviction to HODL is rebuilding. The unwind also changes the risk picture. Leverage built up since August has largely been cleared, so the fuel for a cascading run of forced liquidations has thinned out. Where that clearing leaves the map matters. The $73,000–$76,000 band concentrates the forced selling leveraged longs would face in a deeper slide, and it overlaps both the short-term holder cost basis and the 200-day moving average, the two reference lines a dip would have to hold. Above the market the concentration runs the other way. Shorts are stacked around $87,000, and a sustained turn higher would force those positions to buy back, which the report treats as potential fuel for the next advance rather than a ceiling.

Our composite scoring narrows the same picture to two lines. The first edge above the market sits at $81,128, scored 73 out of 100, and the heavier $82,220 shelf just beyond it carries a 98 out of 100 rating. Positioning underneath is calm: the perpetual funding rate reads 0.0048% and the long/short account ratio stands at 1.47, with 59.6% of accounts long. What both frames share is distance. At the time of writing the quote sits roughly $590 beneath the first line, so the reset thesis holds while it does; the full level grid sits in COINOTAG's Bitcoin technical analysis.

Binance, ETF Demand and the Midterm

The same report carries two other threads. The hack against Binance drained roughly $6.3 billion, the largest theft in crypto's history, and Bitcoin ($BTC) fell about 3% across the days that followed; the market has since recovered to near the level where the outflow began. A limited reaction to news of that severity, the report argues, is itself a reading of strength. What has not returned is demand from outside the asset class. Spot ETF flows still show no fresh buying from beyond the crypto market, and the report counts daily ETF volume at about $1.3 billion since May, roughly a third of the pace recorded in the months before. At that pace the market runs on existing holders rather than new outside money, which leaves capital concentrated at the center of the Bitcoin market instead of spreading into the altcoin market. Glassnode's condition is simple: a market that absorbed an outflow this size has room to turn up quickly once external buyers come back. Politics adds the third thread. Democrats won both the House and the Senate in the midterm elections on November 3. In each of the past three midterms, Bitcoin ($BTC) fell between 15% and 50% within two to ten weeks after the vote. This cycle, most of the damage arrived before election day: the report counts roughly 11% off the September high into the Tuesday vote, and about 1.5% added since. The report expects the industry to adapt to a Democrat-led Congress over time, while noting that Bitcoin now runs far deeper through banks, asset managers and ETF products than in earlier cycles, which shrinks the risk any change in Washington carries. Three elections are a thin sample, the authors caution. On the post-vote tape one read differs: CoinShares' Butterfill sees a rebound after the Democratic sweep, and cycle frameworks such as the Bitcoin rainbow chart set the historical 15%–50% drawdowns inside a longer arc.