Bitcoin Faces $85K Resistance as Long-Term Holders May Sell
Bitcoin faces resistance near $85,000, where onchain data points to potential selling pressure. Glassnode says 864,520 BTC—about 4.3% of the total supply—last moved when Bitcoin traded between $84,000 and $85,000. Much of that activity was linked to one large holder moving coins between wallets, but the price range has repeatedly acted as both support and resistance over the past 11 months.
Bitcoin has recorded only five daily closes above the $84,000–$85,000 band, and never more than three in a row. Glassnode says sustained daily closes above $85,000 could turn the zone back into support.
The wider potential sell-side risk comes from long-term holders (LTHs), defined as entities holding coins for at least 155 days. They hold about four million BTC last moved between $85,000 and $118,000, mostly in 2025. Glassnode notes that more than half of those coins were acquired above Bitcoin’s current price, potentially giving some holders an incentive to sell if BTC recovers toward $85,000. The LTH spent output profit ratio is 0.99, indicating that moved coins are being spent at an aggregate loss.
Bearish
The analysis points to a near-term headwind for Bitcoin: $84,000–$85,000 has repeatedly capped advances, and a large group of long-term holders acquired coins above current prices. If BTC approaches $85,000 without strong demand, some holders may sell to reduce losses or break even, adding supply and potentially triggering short-term profit-taking or a rejection at resistance. The LTH SOPR reading of 0.99 also indicates that coins being moved by this cohort are, in aggregate, being spent at a loss, reflecting ongoing pressure among holders.
This is a bearish signal rather than confirmation of a downturn. The onchain movements cited were largely associated with one holder transferring coins between wallets, which does not itself prove that those coins are for sale. Bitcoin has also found support around this band in the past. A series of daily closes above $85,000 could show that demand is absorbing supply and turn the zone back into support, weakening the bearish case.
In the short term, traders may watch price action and trading volume around $85,000 for signs of a breakout or rejection; a failed test could reinforce selling pressure, while a sustained break could prompt short covering and renewed buying. Over the longer term, the holder cost-basis data identifies a potential supply zone, not a guaranteed sell event. Broader market liquidity, spot demand, derivatives positioning and macro conditions will determine whether the resistance holds. Similar cost-basis resistance zones have often slowed recoveries, but have been overcome when sustained demand outweighs holders seeking to exit near breakeven.