Bitcoin's Price Stalls at $85K as Sell Orders Pile Up

Bitcoin's recent price action has been held back by a significant concentration of sell orders between $85,000 and $85,500 on Binance, according to Glassnode. This resistance wall emerged on September 24 and has since tripled in size.

The area is currently the most significant near-term resistance identified by Glassnode, with Bitcoin unable to break through it despite moving into the lower half of the zone.

However, buyers are still in profit, as indicated by Bitcoin's Short-Term Holder (STH) Cost Basis, which stands at $73,300. A decline below this level would put recent buyers back in losses.

The True Market Mean is currently standing at $77,200, around 8% below the market price of $83,600. Glassnode notes that a daily close back below $77.2K would end the current stretch.