From Cointelegraph · By William Suberg
Bitcoin (BTC) faces resistance between $84,000 and $85,000 as analysis points to coins largely linked to a single large holder.
Key points:
Bitcoin faces resistance around $85,000, where 4.3% of the BTC supply last moved onchain.
Glassnode analysis links the onchain cost basis of 864,520 BTC to Bitcoin’s difficulty sustaining daily closes above $85,000.
Long-term holders own a combined four million coins with a cost basis between $85,000 and $118,000.
Glassnode ties $85K resistance to large-holder cost basis
In the latest edition of its regular newsletter, The Week Onchain, crypto analytics platform Glassnode flagged another resistance hurdle for BTC price action in the mid-$80,000 range.
On Nov. 22, 2025, a significant portion of the total BTC supply moved onchain. At the time of the transactions, BTC/USD traded between $84,000 and $85,000. The coins that last moved at that price make up 4.3% of the total BTC supply, or 864,520 BTC.
The analysis links the majority of this Bitcoin to a single large holder, who was moving funds among multiple wallets. Although self-transfers generally do not affect price, Glassnode noted that Bitcoin has respected the $84,000-$85,000 range as both support and resistance over the past 11 months.
“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,” Glassnode commented.
In May, September and October, BTC price upside momentum faded near the same level, with a high of $87,400. Bitcoin has recorded only five daily closes above the band, never more than three in a row.
“A run of daily closes above $85K would turn the band back into support,” Glassnode added.
BTC/USD chart with supply onchain cost-basis data. Source: Glassnode
Long-term holders pose sell-side risk above $85,000
The $85,000 mark holds significance for a larger portion of the Bitcoin investor base.
Related: Bitcoin price analysis sees ‘strong rally’ as old coins become dormant
Glassnode reports that Bitcoin’s long-term holders (LTH) — entities holding a given amount of BTC without selling for at least 155 days — own around 4 million coins that last moved onchain between $85,000 and $118,000, mostly in 2025.
“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,” it said of the LTH cohort as a whole.
Bitcoin supply data by investor cohort. Source: Glassnode
The LTH spent output profit ratio (SOPR), which compares the extent to which LTH coins moving onchain are doing so at a higher or lower price compared to their previous transaction, currently sits at 0.99. Values below 1 imply that LTH supply is moving at an aggregate loss.