Bitcoin is holding above key support levels but has failed to extend its rally after facing significant selling pressure in the $85,000 to $85,500 range.
At the time of writing, Bitcoin is trading at $83,537, down 0.03% since the Asian session opened on Thursday.
According to blockchain analytics firm Glassnode, the volume of sell orders in that zone on Binance has roughly tripled since September 24, making it one of Bitcoin's most critical near-term resistance levels.
Bitcoin Faces $85,000 Selling Wall
Bitcoin has moved toward the lower end of the $85,000–$85,500 zone but has yet to break through the area.
Glassnode views a decisive break above $85,500 as a sign that the largest selling wall on Binance's order book is being breached.
As long as those sell orders remain, Bitcoin will likely continue to struggle to extend its gains.
Additionally, the $84,000–$85,000 range serves as a significant supply zone due to a high concentration of long-term holder positions at those levels.
Bitcoin Remains Above Key Support
Despite facing resistance, Bitcoin's market structure has not shown significant signs of deterioration.
Glassnode records the "True Market Mean" at approximately $77,200—about 8% below the market price at the time of the report. Bitcoin has remained above this level since September 18.
The $77,200 level acts as a crucial support, as a daily close below this area could signal a major shift in momentum. Meanwhile, the Short-Term Holder Cost Basis stands at approximately US$73,300, indicating that short-term holders remain profitable overall at current prices.
Bitcoin ETF Demand Slows
Another point of interest is the slowing buying momentum via US spot Bitcoin ETFs.
Net inflows into US spot Bitcoin ETFs reached approximately US$1 billion on September 21 and 22; however, the figure declined in every subsequent trading session, dropping to just around US$24 million on Monday.
This suggests that institutional buying interest persists, though not at the same pace seen during Bitcoin's previous rallies.
Glassnode also noted that the combined trading volume of Bitcoin across spot markets and ETFs is around US$6.4 billion daily—levels near the lows seen since the launch of spot Bitcoin ETFs.
This situation indicates that Bitcoin's rise is not yet supported by a robust increase in trading activity.
Long-Term Holders Begin Taking Profits
Selling pressure from long-term Bitcoin holders is also becoming increasingly apparent.
The share of realized profits by long-term holders rose from 34% to 55% during the seven-day period ending September 29.
The total realized profit for this group also nearly doubled compared to the week when Bitcoin first achieved its previous breakout.
Nevertheless, Glassnode characterizes overall profit-taking activity as still lower than the levels observed during market peaks in 2024 and 2025.
Bitcoin Still Outperforming the S&P 500
Bitcoin continues to outperform the S&P 500 over the long term, though the gap is narrowing. Over the past week, Bitcoin fell by approximately 2.9%, compared to a 1.2% decline in the S&P 500.
Glassnode also noted that Bitcoin's advantage over stocks could be lost if this relative performance continues to deteriorate. FXStreet
Bitcoin is currently in a consolidation phase after failing to break past the $85,000–$85,500 zone.
As long as the price holds above key support levels, the bullish structure remains intact; however, regaining momentum requires increased volume and fresh demand.
A breakout above $85,500 could pave the way for further gains, whereas a failure to maintain support would increase the risk of Bitcoin retesting lower levels.
