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BTC BTC is trading around $83,000, and analysts warn of significant selling pressure above
On October 11, Bitcoin prices fluctuated around $83,000. The previous week had been volatile, with prices falling from above $87,000. Although Bitcoin has recovered from its recent downturn as low as $80,000, analysts warned that substantial selling pressure above remains.
Analyst BATMAN identifies US$35 million in Bitcoin selling on the wall
Cryptocurrency trader BATMAN said on October 10 that Bitcoin faces concentrated pending orders of more than US$35 million in the range of US$85,000 to US$89,000 (i.e.,"selling the wall"). He pointed to $85,000 as the primary significant resistance level and suggested buyers must absorb these available supplies to achieve another sustained rally.
The so-called "selling wall" means that a large number of limit selling orders are piled up above the current market price, forming potential resistance. However, these orders can be cancelled or relocated, so the reported $35 million does not mean a full deal will eventually be completed.
This warning comes against the backdrop of Bitcoin's repeated difficulties in maintaining momentum above $85,000. Earlier this month, institutional research firm QCP Capital identified approximately $87,400 as an important breakthrough threshold, believing that once a sustained upward breakthrough is achieved, the path to $90,000 may reopen.
Glassnode warns: Bitcoin rebound lacks confidence
Glassnode's independent analysis further fuels concerns about Bitcoin's recent price structure. Its October 7 report found that despite previous rebounds, trading volumes remained extremely weak and new funds entering the market were relatively limited.
The research firm also pointed out that there was new selling activity above US$85,000, while there was substantial buying interest around US$81,000. These levels suggest that Bitcoin remains trapped between supply pressures above and buyers trying to defend the lower end of the trading range.
At the same time, institutional capital flows remain volatile. According to previous ETF outflow reports, the U.S. spot Bitcoin ETF recorded a net outflow of approximately US$244 million on October 8. Without stronger spot demand or a new round of institutional accumulation, this situation will make breakthroughs more difficult.
