Analysis highlights $85K as critical Bitcoin resistance level with potential selling pressure from long-term investors
Glassnode's BTC price research identified $85,000 as the starting point of a cost-basis range for holders with long-term positions.
A resistance zone between $84,000 and $85,000 presents challenges for Bitcoin (BTC) advancement, according to analytical findings that trace a substantial volume of coins to a particular major holder.
Key points:
- A resistance barrier exists near $85,000 for Bitcoin, corresponding to the price level where 4.3% of total BTC supply most recently moved onchain.
- Research from Glassnode associates the onchain cost basis of 864,520 BTC with Bitcoin's struggle to maintain consecutive daily closes exceeding $85,000.
- Investors classified as long-term holders possess approximately four million coins acquired at cost bases ranging from $85,000 to $118,000.
Glassnode attributes $85K resistance level to cost basis of major holder
A substantial volume of the entire BTC supply experienced onchain movement on Nov. 22, 2025. During the timeframe when these transactions occurred, the BTC/USD trading pair was positioned within the $84,000 to $85,000 range. The quantity of coins that most recently moved at this price level represents 4.3% of total BTC supply, amounting to 864,520 BTC.
The analytical assessment attributes the bulk of these Bitcoin holdings to one particular large-scale holder, whose activity involved transferring funds across numerous wallet addresses. While self-transfers between personal wallets typically have no direct price impact, Glassnode's findings highlighted that Bitcoin has consistently acknowledged the $84,000-$85,000 price range as functioning both as support and resistance throughout the preceding 11 months.
It held as support in December, when price bounced off it on December 1 and December 18. It gave way on January 31, when a push back up to $84K failed, and Bitcoin fell about 20% over the following days.
Glassnode
During May, September and October, upward price momentum for BTC encountered resistance near this identical level, reaching a peak of $87,400. The cryptocurrency has managed to achieve merely five daily closing prices above this band, with no streak extending beyond three consecutive days.
A run of daily closes above $85K would turn the band back into support.
Glassnode
Selling risk emerges from long-term holders above $85,000 threshold
The $85,000 price point carries substantial importance for a considerable segment of the broader Bitcoin investor community.
According to Glassnode's reporting, Bitcoin's long-term holders (LTH) — defined as entities maintaining a specific quantity of BTC without executing sales for a minimum of 155 days — control approximately 4 million coins that experienced their most recent onchain movement within the $85,000 to $118,000 price range, with the majority of this activity occurring during 2025.
More than half of all their coins were bought above today's price. If price recovers toward $85K, many of these holders may sell to get their money back.
Glassnode
The spent output profit ratio (SOPR) for LTH, a metric that evaluates the degree to which LTH coins moving onchain are transacting at elevated or reduced prices relative to their prior transaction, presently registers at 0.99. Readings falling below 1 indicate that LTH supply movements are occurring at an aggregate loss.