Bitcoin Breaks Above $85K as Sellers Pull Ask Orders, Glassnode Says
The move pushed Bitcoin to its highest level since Sept. 23, with the cryptocurrency reaching $86,857 on Bitstamp before retreating below $86,000. Glassnode said the removal of sell orders around $85,000 left less resistance above the market, while a new concentration of sell orders was forming near $87,000.
Bitcoin Clears $85K Sell Wall
The $85,000 area had acted as a significant concentration of ask liquidity during the previous week. Cointelegraph reported that buyers eventually moved through the level after repeated attempts, changing the order-book structure tracked by Glassnode.
Glassnode said the remaining sell orders around $85,000 appeared to have been removed. With less ask liquidity immediately above the spot price, the analytics firm said Bitcoin could move through the area more quickly.
The shift is visible in Binance's BTC/USDT spot order book, where the earlier concentration of sell orders around $85,000 had previously limited Bitcoin's advance.
Next Sell Orders Form Near $87K
The removal of the $85,000 sell wall did not leave the order book without resistance. According to Glassnode, the next group of sell orders was concentrated around $87,000.
The new cluster was roughly half the size of the previous $85,000 wall, according to market data cited by The Block.
Bitcoin subsequently approached that area, reaching above $86,000 on Friday. CoinGlass data also showed a concentration of potential liquidations above $87,000 following the breakout, adding another closely watched liquidity zone around the market's next move.
The change in order-book liquidity does not establish a fixed price target. Sell orders can be added, canceled or repositioned as market conditions change, meaning the structure identified by Glassnode represents conditions observed at the time of its analysis.
ETF Flows Remain a Key Market Indicator
Glassnode has also pointed to U.S. spot Bitcoin exchange-traded fund flows as an important measure of whether the recent move is supported by sustained demand.
In its latest The Week Onchain report, Glassnode said a sustained breakout accompanied by stronger trading volume and renewed ETF inflows would provide confirmation of broader support for Bitcoin's advance. Daily ETF flows had cooled from a Sept. 21 record of $999 million.
On Oct. 1, U.S. spot Bitcoin ETFs recorded net inflows of $102.7 million, according to Farside Investors, with BlackRock's iShares Bitcoin Trust attracting $195 million.
For the immediate market structure, the focus has shifted from the cleared $85,000 sell wall toward the next concentration of orders near $87,000.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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