Bitcoin $85K Resistance in Focus as Long-Term Holders Face Selling Risk

Bitcoin traders are watching the $84,000-$85,000 range as a major resistance zone, according to Glassnode’s latest Week Onchain analysis. The level is associated with 864,520 BTC, or 4.3% of Bitcoin’s total supply, that last moved onchain while the cryptocurrency traded within the band. Glassnode linked much of that activity to one large holder moving funds among multiple wallets.

Although self-transfers generally do not affect the market directly, Glassnode said Bitcoin respected the same range as both support and resistance over the past 11 months. The zone supported BTC on December 1 and December 18, but a move back above $84,000 failed on January 31 and was followed by a roughly 20% decline. Upside momentum also faded near the range in May, September and October, when Bitcoin reached as high as $87,400.

Glassnode noted that Bitcoin has recorded only five daily closes above $85,000, never more than three consecutively. A sustained run of daily closes above the band could turn it into support, while another failed breakout would reinforce its role as resistance.

Selling risk could intensify if Bitcoin recovers toward $85,000. Long-term holders, defined as entities that have held BTC without selling for at least 155 days, control about four million coins acquired between $85,000 and $118,000. More than half were bought above the prevailing market price, leaving many holders positioned to sell near break-even if the recovery continues.