Bitcoin long-term resistance at $85,000 presents selling risk
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Written by
Simonas Brazionis - Updated 2026-10-29 17:47:01
Bitcoin (BTC) is currently encountering significant Bitcoin long-term resistance, specifically between $84,000 and $85,000. On-chain analysis has identified this critical level, indicating it is influenced by a substantial portion of the supply held by a single large entity.
This resistance point represents where 4.3% of the total BTC supply last transacted on-chain. Crypto analytics platform Glassnode highlighted this mid-$80,000 range as a major hurdle for BTC's price action, noting its consistent role as both support and resistance over the past 11 months.
On-Chain Analysis of Bitcoin's Resistance
On November 22, 2025, 864,520 BTC, or 4.3% of the total supply, moved on-chain when BTC/USD was trading between $84,000 and $85,000. Glassnode's analysis suggests these were mostly self-transfers by a single large holder across multiple wallets. While self-transfers typically don't impact price, this range has acted as support in December, failed as resistance in January leading to a 20% decline, and served as resistance in May, September, and October.
Bitcoin has only recorded five daily closes above this band, never more than three consecutively. Glassnode indicated that a sustained series of daily closes above $85,000 would be necessary to convert this resistance into support. This long-term resistance also holds significance for a broader segment of Bitcoin investors.
Long-Term Holder Behavior and Price Implications
Glassnode's data shows that long-term holders (LTHs), defined as entities holding BTC for at least 155 days, possess approximately 4 million coins that last moved on-chain within the $85,000 to $118,000 range, primarily in 2025. Over half of these LTH coins were acquired at prices exceeding current levels.
Glassnode suggested that if the price of Bitcoin approaches $85,000, many of these holders might choose to sell to recover their initial investment. The LTH Spent Output Profit Ratio (SOPR), which measures whether LTH coins moving on-chain are doing so at a profit or loss, is currently at 0.99, implying LTH supply is moving at an aggregate loss.
