Bitcoin Clears $85K Sell Wall, Unlocking Potential Upside

Bitcoin has cleared a significant hurdle in its path to higher prices. A large concentration of sell orders, known as a sell wall, had been parked at $85,000 on Binance. This barrier was created when long-term holders started selling their coins, contributing to the price's inability to break through.

However, according to data from Glassnode, buyers have now removed this sell wall, reducing the weight of selling pressure and increasing the potential for an upside move. On September 21, Bitcoin briefly pushed above $85,000, but struggled to hold its ground due to cooling demand from US spot Bitcoin ETFs and a short squeeze that added fuel to the rally.

Short-term holder behavior also played a role in maintaining the price below $85,000. Their share of realized profits jumped from 34% to 55% in the week ending September 29, indicating a significant increase in selling activity from these investors.

The removal of the sell wall is an important development for Bitcoin's price action. However, it's essential to monitor order book depth on Binance and ETF flows to determine whether this momentum will be sustained.