Bitcoin Shatters $85K Sell Wall, Targets Next Resistance at $87K

Bitcoin's price surged to its highest level since September 23rd after clearing the significant sell wall at $85,000. According to Glassnode, this removal of sell orders left less resistance above the market, allowing Bitcoin to move through the area more quickly. Before retreating below $86,000, the cryptocurrency reached $86,857 on Bitstamp.

The $85,000 sell wall had previously limited Bitcoin's advance, but buyers eventually moved through the level after repeated attempts. Glassnode observed that the remaining sell orders around this price were removed, with a new cluster of sell orders forming near $87,000. This next group was roughly half the size of the previous wall.

The removal of the $85,000 sell wall does not establish a fixed price target, as sell orders can be added, canceled or repositioned as market conditions change. However, Glassnode has pointed to U.S. spot Bitcoin exchange-traded fund flows as an important measure of whether the recent move is supported by sustained demand.