Bitcoin Price Rejection Triggers Support at $82.5K Amid Whale Selling Pressure
A recent surge in Bitcoin's price towards $87,000 was met with resistance from large holders, who sold over 30,000 BTC. This selling pressure pushed the price back down to around $84,575 on October 3. The rejection of the higher price level has shifted attention towards the support zone of $82,500, which is reinforced by the lower Bollinger Band near $82,362.
CoinGlass data shows liquidation clusters around $82,600-$82,800 and another concentration near $82,000. However, a more important signal would be renewed whale accumulation after price reaches this area, indicating that distribution has begun reversing.
Despite the current support zone, investors who bought Bitcoin near previous market tops are still selling as prices approach their break-even levels. According to Glassnode, buyers from six to 12 months ago have an average cost basis near $89,000, while those who bought during the 2025 rally are recording their highest average daily selling volume this year.