Bitcoin’s price is encountering a significant resistance zone between $84,000 and $85,000, a level that has historically acted as both support and resistance. On-chain analysis from Glassnode highlights that a notable portion of Bitcoin supply last moved onchain within this range, potentially influencing future price movements.
Key Resistance Level Identified
According to Glassnode’s analysis, approximately 4.3% of the total Bitcoin supply, equating to 864,520 BTC, was last transacted on November 22, 2025, when the BTC/USD pair traded between $84,000 and $85,000. This price band has been a critical area of focus for the market over the past 11 months, encompassing periods in December, January, May, September, and October.
Historical Price Action at the $84K-$85K Zone
Historically, the $84,000-$85,000 range has demonstrated its significance. Glassnode noted that Bitcoin experienced price bounces off this level in December, specifically on December 1 and December 18. However, the range also proved to be a barrier. On January 31, a failed attempt to push back above $84,000 resulted in a price drop of approximately 20%. More recently, in May, September, and October, upside momentum for BTC faded near this resistance zone, with the price reaching a high of $87,400 during these periods. Bitcoin has recorded only five daily closes above the $84,000-$85,000 band, and never more than three consecutively. A sustained period of daily closes above this level would be required to re-establish it as support.
Long-Term Holder Impact
A key factor contributing to the current resistance is the behavior of long-term holders (LTH). Glassnode reports that LTHs, defined as entities holding Bitcoin for at least 155 days, possess around 4 million coins that were last moved onchain between $85,000 and $118,000, with a significant portion acquired in 2025. The analysis suggests that more than half of these LTH coins were purchased at prices higher than the current trading levels.
This situation presents a potential selling pressure if Bitcoin’s price recovers towards the $85,000 mark. Holders who have incurred losses may be inclined to sell to recoup their investment. Further supporting this observation is the LTH spent output profit ratio (SOPR), which currently stands at 0.99. Glassnode commented that a SOPR below 1 indicates that, on aggregate, LTHs are selling their coins at a loss.
Uncertainty Remains
While on-chain data provides valuable insights, the exact intent behind coin movements, particularly those linked to a single large holder identified by Glassnode, remains uncertain. The analysis indicates potential selling pressure around the $84,000-$85,000 level due to the cost basis of long-term holders and historical price action. However, the extent to which this pressure will materialize is subject to market dynamics and holder decisions.
Broader Context
Source materials place the market analysis in this context: BTC price analysis from Glassnode drew attention to $85,000 as the lower boundary of a cost-basis zone for long-term holders.
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