Bitcoin: Sell Wall Above $85,000 Disappears – Paving the Way for Further Gains?
According to Glassnode, Bitcoin's sell order wall above $85,000 has disappeared after buyers broke through this resistance level on October 1st. This reduces sell-side liquidity and could pave the way for further price gains.
Bitcoin's sell order wall above $85,000 has disappeared.
Buyers broke through this resistance level on October 1st.
Reduced sell-side liquidity could pave the way for further price gains.
The absence of such a barrier may help Bitcoin test higher levels.
Story
Technical analysis of the Bitcoin market reveals a notable development: according to Glassnode, the sell order wall above $85,000 has disappeared. Buyers broke through a sell order wall near $85,000 on October 1st, a level that had previously held for nearly a week. Remaining sell orders appear to have been withdrawn, reducing sell-side liquidity above Bitcoin. This development is significant for market participants, as a substantial supply barrier that had previously capped the price has now been absorbed or removed. The absence of such a liquidity wall could make it easier for Bitcoin to test higher price levels in the near term. Bitcoin's current price action, trading above $85,000, confirms this technical observation and suggests a potentially lower resistance level for future upward movements. However, it is important to note that the absence of a sell order wall alone does not guarantee an uninterrupted price increase, as other market factors can influence it at any time.
Issue context
The crypto market presents mixed but predominantly positive signals in this issue, led by Bitcoin, which has surpassed the $86,000 mark. This growth is supported by a combination of increasing institutional interest and evolving regulatory frameworks. Citibank has significantly raised its 12-month Bitcoin price forecast to $113,000, while the US Securities and Exchange Commission (SEC) has proposed rules to facilitate self-custody of crypto assets by advisors and funds. These developments signal growing mainstream acceptance of Bitcoin in traditional finance and could pave the way for further institutional investment. Concurrently, spot Bitcoin ETFs continue to record substantial inflows, underscoring sustained demand for regulated investment products. While Bitcoin shows strength, Ethereum experiences ETF outflows and faces challenges from recent security incidents within its ecosystem. Solana, however, demonstrates robust ecosystem growth and institutional inflows, indicating a differentiated market dynamic.
Current market movements reveal a clear divergence between Bitcoin and Ethereum. While Bitcoin benefits from institutional interest and regulatory progress, Ethereum faces challenges from outflows and security concerns. Solana, on the other hand, shows robust development. Note that positive news and inflows do not always directly correlate with immediate price increases, and security risks persist across the industry. Your risk tolerance and due diligence are crucial, as the market remains volatile and past performance is no guarantee of future results.
Market pulse
BTC
$86K
+2.19% 24h / +2.13% 7d
Fear & Greed
72
Greed
BTC Funding
+0.0073%
20 perp markets · Open Interest $57.1B
BTC Open Interest
$57.1B
24h volume $88.3B · basis +0.018%
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.