TL;DR
Glassnode identifies $85,000 as a critical resistance level for Bitcoin, where long-term holders could increase selling as prices recover.
Buying interest around 77,000– 79,000 offers potential support, while declining realized losses suggest that selling pressure has eased.
Weak spot Bitcoin ETF inflows and historically low volatility point to a market awaiting stronger demand before establishing a sustained upward trend.
Bitcoin faces a decisive test near $85,000 as long-term holders continue to influence price action, according to blockchain analytics firm Glassnode . The level represents a significant supply zone that BTC must overcome to strengthen its recovery and establish a more constructive market structure. Despite persistent resistance, on-chain data indicates that selling pressure has moderated and lower price levels continue to attract buyers.
Glassnode Identifies $85K As Bitcoin’s Critical Resistance
Glassnode’s analysis points to approximately four million BTC acquired between $85,000 and $118,000 , creating a substantial pool of potential selling supply. Investors who purchased at these prices may seek to recover their initial capital as Bitcoin approaches their entry levels, potentially limiting upward momentum.
The firm defines long-term holders as investors who have held their coins for more than 155 days . A considerable portion of their holdings entered circulation during previous market advances, leaving many positions underwater at current prices.
Bitcoin has struggled to establish sustained acceptance above the 84,000– 85,000 range . Repeated rejections have reinforced the importance of this area, making consecutive daily closes above $85,000 an important signal for traders monitoring a possible recovery.
A move beyond $87,500 , supported by stronger spot demand and renewed exchange-traded fund inflows, would provide additional evidence that buyers are absorbing the available supply. From a pro-crypto perspective, overcoming this resistance could improve market confidence and create room for a broader recovery.
Bitcoin Support Builds Near $77K As Selling Pressure Eases
While overhead resistance remains significant, Glassnode identifies potential demand around 77,000– 79,000 . Binance order book data showed approximately $42 million in buy orders between $78,000 and $79,000 , compared with $24 million in mid-October. Buying liquidity around $80,000, meanwhile, declined to roughly $3.4 million.
The data suggests that traders are repositioning toward lower support levels rather than abandoning the market entirely. Glassnode also recorded a sharp reduction in realized losses, which fell from approximately $630 million during August’s low to $27 million during the October 24 selloff .
The firm’s True Market Mean stood near $77,900 , with the short-term holder cost basis around $75,800 representing another important reference point. A daily close below these levels could weaken the current structure, while successful defenses could support renewed accumulation.
