Bitcoin staged a rally above $85,000 but encountered renewed selling near $86,500, stalling its momentum. Blockchain analytics firm Glassnode reported a sizable sell-order block has formed in the $86,500 to $86,750 range, while large spot bids on Binance have shifted toward the $81,000 to $81,250 zone.
Price caught between resistance and demand
This setup has placed Bitcoin price action squarely between clear overhead resistance and a newly strengthened demand zone below. A sustained position above $81,119 would help preserve the current recovery structure, but losing this level could expose Bitcoin to further losses.
Glassnode’s recent analysis showed that after breaking above $85,000, Bitcoin was rejected at $86,500 and quickly pulled back toward areas where buyers have placed massive resting orders. The firm pointed out that “the largest block of bids now sits at $81,000-$81,250,” making this zone a focal point if the decline continues. At the same time, a significant liquidation cluster has been identified between $81,700 and $83,300, raising volatility risks if prices continue to drop.
Glassnode’s report emphasized that the $81,000 region stands out as a major concentration of spot market liquidity, creating a technical and psychological line for both buyers and sellers as the market adjusts following recent resistance.
The order-book’s liquidity does not guarantee bids will be honored; large orders may be removed or absorbed as conditions evolve. However, the zone provides a key reference for traders monitoring short-term Bitcoin moves.
The $81,119 area has further significance as it aligns with a Fibonacci retracement level highlighted by analyst Kazim Karabacak on TradingView. According to this analysis, the recovery remains technically valid as long as daily closes hold above $81,119.
Key technical levels highlighted
The $81,119 level comes from a Fibonacci retracement drawn between Bitcoin’s March 2023 low and its recent cycle peak. Bitcoin initially regained the 0.382 retracement, then advanced above the 0.236 level at $81,119. This level is viewed as more than just a short-term order-book marker, serving as a technical pivot for judging the direction of the next major move.
A daily close above $81,119 keeps the recovery scenario in play. Should Bitcoin fall below this level, analysts have warned that downside risks may increase, potentially sending the price toward lower retracement zones—such as $61,776—although there is no confirmation of such a move yet.
Trading momentum shifts away from US hours
Another notable change is the recent shift in the sources of Bitcoin’s momentum. Glassnode observed that from July through September, US trading hours were responsible for most of Bitcoin’s gains, especially around the surge past $85,000.
However, this trend has reversed. Glassnode reported that US sessions have since become net sellers, while gains are coming predominantly from trading outside US market hours. This shift is attributed to a decrease in US spot market contributions following the recent price breakout.
The overlap between US trading hours and spot Bitcoin ETF activity underscores why a return to positive momentum during American sessions may be critical for confirming renewed buying interest over coming weeks.
Currently, the rally is developing during periods of lighter trading. Combined spot exchange and US ETF volume averaged approximately $6.8 billion over seven days, which is below levels seen earlier in the year.
Potential double-bottom formation points to $100K
On a broader timeframe, TradingView analyst VincePrince identified a possible double-bottom formation in Bitcoin’s weekly chart, with the price holding above its 50- and 100-week exponential moving averages and maintaining an upward trendline. Bullish RSI divergence reinforces this structure. If this classic reversal pattern completes, targets above $100,000 are possible as technical scenarios, provided key support levels are respected. However, these projections remain speculative until Bitcoin confirms its breakout and sustains recovery above resistance.
Technical analysts are also focusing on price behavior within contracting trading zones, watching for clearer confirmation of direction. Similar patterns of keen market observation prevail across other fast-moving segments, particularly in the meme token market. In this arena, trends originating on the internet can generate millions of dollars in trading volume within days. Fomo App provided data on a standout transaction in which the meme token “Niu Lai” converted a $99 investment into around $370,000, illustrating the scale and speed of this sector. Market participants monitor not just price charts, but also the timing and choice of tokens among major investors. With tools such as social feeds, investor rankings, and trade alerts, Fomo App centralizes both discovery and trading for meme tokens, enabling closer tracking of emerging activity in the space.
Decision zone for Bitcoin price
In the near term, traders are closely watching two critical levels: $81,119 as support and the $86,500-$86,750 range as resistance. Holding above the lower boundary would preserve the Fibonacci reclaim and keep the double-bottom formation scenario open. A rebound through $86,500 could indicate that sellers are being absorbed and spark renewed momentum.
Glassnode further highlighted a large liquidation cluster above the market between $87,100 and $95,900, with significant concentration near $92,000. Should Bitcoin move through current resistance, these areas may play a role in the next phase of price discovery.
For now, Bitcoin trades in what analysts describe as a decision zone. The $81,000-$81,119 area combines technical support with robust spot market bids, making it a pivotal test for the resilience of the recent recovery. The outcome may depend on whether buyers defend this region and whether US trading regains some of its earlier strength in supporting price advances.
