Bitcoin faces a significant resistance zone between $84,000 and $85,000, following a recent analysis linking coin movements to a single large holder. According to blockchain analytics firm Glassnode, 4.3% of the total BTC supply, representing 864,520 BTC, was last transacted onchain near this price range.
Glassnode ties $85,000 resistance to large-holder cost basis
Glassnode, a leading crypto analytics platform, detailed in its newsletter The Week Onchain that the mid-$80,000 range has become a crucial resistance level for Bitcoin’s price. On November 22, 2025, a substantial segment of the total Bitcoin supply moved onchain at a time when BTC/USD traded near $84,000 to $85,000. This volume, accounting for 4.3% of all BTC, is believed to be controlled by a single large holder who transferred funds between multiple wallets.
While such self-transfers typically do not impact market prices, Glassnode highlighted that the $84,000-$85,000 range has repeatedly acted as both a support and resistance area over the past eleven months. For example, in December, Bitcoin rebounded from this level twice before failing to hold above it at the end of January, which led to a swift decline of roughly 20% in the following days.
Glassnode observed that “It held as support in December, when price bounced off it on December 1 and December 18. It gave way on January 31, when a push back up to $84K failed, and Bitcoin fell about 20% over the following days.”
The analytics firm also noted that Bitcoin’s upward momentum has repeatedly stalled near this range, with only five daily closes above $85,000 ever recorded, and never more than three in succession. Glassnode stated that a decisive series of closes above this level could reestablish it as support rather than resistance.
Mini dictionary: Glassnode is a blockchain analytics company known for delivering onchain data insights and market research for Bitcoin and other cryptocurrencies. Its “Week Onchain” newsletter provides regular market updates and coin flow analysis based on blockchain events.
Long-term holders and sell-side risk above $85,000
The significance of the $85,000 mark extends beyond a single whale and touches a broad group of Bitcoin’s long-term holders (LTH). According to Glassnode, these are investors who have maintained their BTC position for at least 155 days.
Long-term holders collectively own about 4 million coins whose last onchain movement occurred between $85,000 and $118,000, primarily throughout 2025. More than half of these coins were acquired above the current market price.
Highlighting potential market risk, Glassnode noted, “More than half of all their coins were bought above today’s price. If price recovers toward $85K, many of these holders may sell to get their money back.”
| Investor cohort | Coins held | Acquisition price range |
|---|---|---|
| Large holder (single entity) | 864,520 BTC | $84,000–$85,000 |
| Long-term holders (LTH) | 4,000,000 BTC | $85,000–$118,000 |
The LTH spent output profit ratio (SOPR), which measures whether long-term holders are selling at gains or losses relative to their acquisition price, currently stands at 0.99. SOPR values below 1 indicate that coins moving onchain are being transferred at a loss on average, reinforcing the pressure around this resistance zone.
Mini dictionary: The spent output profit ratio (SOPR) is a blockchain metric used to evaluate whether Bitcoin coins sold onchain were moved at a profit or loss relative to their previous transaction. A value above 1 signals profit-taking, while below 1 suggests net losses for the selling cohort.
