Bitcoin's $85K Barrier: Sell Wall Thwarts Price Advance
Bitcoin's recent advance is being held back by a growing wall of sell orders on Binance, preventing it from clearing $85,000.
The top cryptocurrency has remained above its True Market Mean at $77,200 since September 18, but the resistance wall on Binance's spot order book has tripled in size since September 24 and is now the most significant near-term resistance identified by Glassnode.
Long-term holders are accounting for a growing share of realized profits, with their share increasing from 34% to 55% during the week ending September 29. However, profit-taking remains subdued compared to previous market tops.
The lack of strong trading activity is also contributing to the price action, with combined Bitcoin volume averaging around $6.4 billion per day, close to the bottom of its range since the launch of US spot Bitcoin ETFs.