Bitcoin Converges on Critical Resistance Zone with Minimal Selling Pressure

Bitcoin is currently consolidating below a key resistance zone between $83,000 and $86,000. According to Glassnode, this area is significant because it marks the convergence of multiple market signals, including long-term holder cost basis, futures liquidation levels, and the break-even point for U.S. spot Bitcoin ETFs.

The supply structure also supports the importance of this zone. Roughly 1.07 million BTC was acquired between $83,000 and $86,000, mostly by long-term holders, with the heaviest concentration near $85,000. This has led to a dense overhead wall that remains largely intact.

Despite approaching this resistance band with unusually little selling pressure, Glassnode notes that the Sell-Side Risk Ratio has fallen to 7 basis points per day on a seven-day basis, less than half the 16 basis points reached at the August peak. Long-term holders now account for 47% of realized profit, down from 88% then.