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ZEC $1,410 Bitcoin gives back gains as long-term holder supply keeps $85K out of reach
Bitcoin stalled below $85,000 as US bond yields rose and long-term holder coins clustered at that level.
Key takeaways
- Supply is clustered. Glassnode said long-term holder coins cluster between 84k and 85k, the largest supply concentration on the chart.
- Price slipped. Bitcoin traded near $83,381, down 0.78% over 24 hours and 3.58% over seven days, with volume at $27.8 billion.
- Yields pushed higher. The 30-year US bond yield rose above 5.60% and the 10-year yield hit 5.26%.
What happened
Bitcoin gave back its latest gains after the US market opened. A local rally to $84,540 stalled as the US trading session began, and BTC/USD retreated below its daily opening level near $83,600.
US bond yields kept climbing. The 30-year yield reached new 24-year highs above 5.60%, and the 10-year yield hit 5.26%. Gold fell 3.6% on Monday to $4,115 per ounce before rebounding to $4,166.
Order-book liquidity added pressure. CoinGlass showed overhead resistance thickening at $85,000, and Glassnode said coins held by long-term holders were clustered around $85,000.
Why it matters
The cluster at $85,000 matters because long-term holders may take profits if Bitcoin tries to break above it. Glassnode said the rally can continue only if price breaks and holds above that level.
Bitcoin traded near $83,381, down 0.78% over 24 hours and 3.58% over seven days. Long-term holder supply has climbed toward 16.2M BTC, which means fewer coins are being distributed into the market.
What the data shows
Trading volume stands at $27.8 billion. On the Power Law model, the lower band sits near $63K and the trend remains near $140K, which leaves Bitcoin above the band and below the trend.
Markets expect the Fed to hike rates by 0.25% at its October meeting, a factor behind the rising yields tracked in the same session.
What is still unclear
- It is not confirmed whether long-term holder accumulation will persist, and the next move is not confirmed, according to the Blockonomi report.
- Bitcoin also needs to hold above the Power Law lower band near $63K to keep the current structure intact.
- A sustained recovery in the BTC/Gold ratio would point to improving relative strength and tighter supply conditions.
Questions readers ask
Why is $85,000 a resistance level for Bitcoin?
CoinGlass showed overhead resistance thickening at $85,000 on the day. Glassnode said long-term holder coins were clustered around $85,000, which raises the chance of profit-taking if price tries to break above it.
What is long-term holder supply in Bitcoin?
Glassnode defines long-term holders as wallets that hold a UTXO for at least six months without selling. The Blockonomi report said LTH supply has climbed toward 16.2M BTC.
What did Glassnode say about Bitcoin's supply cluster?
Glassnode said Bitcoin's supply is concentrated among long-term holders, with long-term holder coins sitting at 84k to 85k more than at any other price on the chart. It said the rally can continue only if price breaks and holds above that level.
What does the Power Law model say about Bitcoin's price?
The Power Law model places the lower band near $63K and the trend near $140K. Bitcoin sits above the band but remains far below the trend, according to the Blockonomi report.
