An analysis said bitcoin could face strong resistance again in the $84,000 to $85,000 range.

Cointelegraph reported on Oct. 29 that on-chain analytics firm Glassnode pointed to the band as an area where large bitcoin transfers occurred and where long-term holders could be concentrated as potential sellers.

The analysis said a sizable amount of bitcoin moved on-chain when bitcoin traded around $84,000 to $85,000 on Nov. 22, 2025. The last coins to move at that level totalled 864,520 BTC, equal to 4.3 percent of total supply.

Glassnode estimated that a large share of that amount was linked to transfers between wallets controlled by a single large holder. Such moves typically do not directly affect prices, but over the past 11 months the $84,000 to $85,000 band has repeatedly acted as both support and resistance.

Price action also showed the range as a key turning point. It served as support on Dec. 1 and 18 last year, but after an attempt to regain $84,000 failed on Jan. 31 this year, the price fell about 20 percent over the following days.

The band later acted as resistance. Bitcoin’s rise slowed near that level in May, September and October, and the peak at the time was $87,400. There were only 5 days when the daily close was above the range, and it never held for 3 consecutive days or more. Glassnode said the band could turn back into support if daily closes continue above $85,000.

Potential selling pressure from long-term holders is also a burden. Glassnode said about 4 million bitcoins last moved in the $85,000 to $118,000 range among long-term holdings held for at least 155 days. Most were bought in 2025.

Glassnode assessed that more than half of long-term holder supply was purchased at levels above the current price. It said holders could sell to recoup losses if bitcoin recovers toward $85,000. That means $85,000 is a psychological resistance level and a price zone where break-even selling could emerge.

SOPR, which shows long-term holders’ profit and loss, is currently 0.99, below the 1 baseline. That means the coins moved by long-term holders are generally realising losses.

The key ahead is whether bitcoin can establish itself above $85,000. If it stays reliably above that level on a closing basis, resistance could turn into support. Still, if long-term holder supply for sale increases during a recovery, there remains a possibility that the uptrend could falter again.