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BTC Bitcoin was consolidating around $83,000, with $35 million in sell orders piled up above $85,000
On October 11, the price of Bitcoin approached $83,000. The previous week, Bitcoin fell from above $87,000 and experienced sharp fluctuations. Although Bitcoin has rebounded from lows close to $80,000, analysts still point to huge resistance ahead.
Selling pressure has emerged to curb price increases.
Cryptocurrency trader BATMAN said on October 10 that Bitcoin faces sell orders of more than US$35 million in the US$85,000 to US$89,000 range. He labeled $85,000 as the first major obstacle for the cryptocurrency and noted that buyers need to absorb this volume to achieve sustained gains.
BATMAN emphasized that US$85,000 is the main stumbling factor, citing a large number of sell order data gathered above the current price level to warn that these sell orders must be broken before prices can rise further.
The so-called "selling against the wall" refers to the accumulation of a large number of limit selling orders above the current price, thereby forming significant resistance in the market. However, such orders may be cancelled or diverted, so there is no guarantee that all of these US$35 million sell orders will enter the market.
Bitcoin has had difficulty building momentum above $85,000 many times. QCP Capital, a well-known institutional market analysis firm, previously identified US$87,400 as a key breakthrough level, implying that once this level is effectively exceeded, it will lay the foundation for moving towards US$90,000.
Glassnode points out weak trading activity
Glassnode, a leading blockchain data analytics provider, released a report on October 7 highlighting concerns in Bitcoin's current price structure. The company observed that despite the recent rebound in prices, trading volumes were significantly low, indicating a lack of new capital inflows into the market.
The analysis also detected renewed selling activity above US$85,000 and substantial buying around US$81,000. These signs indicate that Bitcoin is falling into a clear trading range, with sellers suppressing it at the top and buyers supporting it at the bottom.
Glassnode pointed out that spot trading volume was abnormally low during the rebound period, and large selling signals above $85,000 indicated a lack of buyer confidence.
Institutional capital flows also showed inconsistency. On October 8, U.S. spot bitcoin exchange-traded funds (ETFs) showed a net outflow of approximately US$244 million, reflecting increased vigilance by fund investors or profit-taking.
Given current resistance levels and weak demand, breaking out of the upper range will remain challenging unless institutional buy or spot demand increases substantively.
