Bitcoin Faces $84,000–$85,000 Resistance Linked to Large‑Holder Activity

Glassnode’s latest analysis shows that Bitcoin’s price has struggled to close above the $84,000–$85,000 band, a level that coincides with the on‑chain cost basis of 864,520 BTC that last moved at that price. Those coins represent 4.3 % of total supply and are largely controlled by a single large holder who shuffled funds between wallets. The $85,000 threshold has acted as both support and resistance for the past 11 months, with only five daily closes above the band and never more than three in a row. Long‑term holders (LTH) – entities holding BTC for at least 155 days – own roughly four million coins that last moved on‑chain between $85,000 and $118,000, most in 2025. About half of these LTH coins were bought above the current price, and the LTH spend‑output profit ratio (SOPR) sits at 0.99, indicating that LTH supply is moving at an aggregate loss. If Bitcoin’s price rebounds toward $85,000, many LTH holders could be pressured to sell to recoup gains, potentially pushing the price back down.