A total of 864,520 Bitcoin moved on-chain within the $84,000 to $85,000 price range on November 22, 2025. That sum represents 4.3% of the total circulating Bitcoin supply. The vast majority of the transactions originated from a single large whale entity transferring funds across multiple self-owned wallets.
Glassnode’s weekly report, The Week Onchain, identified the $84,000 to $85,000 band as a major resistance hurdle for Bitcoin’s price trajectory. Over the past 11 months, this tight price zone has repeatedly acted as a critical level, both in stalling corrections and capping rallies.
Why $85,000 Continues to Halt Rallies
Price action over the past year underscores the zone’s dual role. The $84,000 to $85,000 range twice arrested market drawdowns, specifically on December 1 and December 18, 2025. That support finally gave way on January 31, 2026, triggering an approximate 20% drop in Bitcoin’s price. Since that breakdown, the zone that once served as a launchpad flipped into an overhead resistance ceiling.
Subsequent rally attempts in May, September, and October 2026 consistently stalled near the area, topping out at just $87,400. In its entire history, Bitcoin has recorded a daily close above the $85,000 price band only five times. Across those five instances, the price was never able to hold for more than three consecutive days.
The Burden of 4 Million Long-Term Holder Coins
The barrier at $85,000 is not merely historical chart memory. Long-Term Holders (LTHs) currently control roughly 4 million BTC that last moved between $85,000 and $118,000. Of that 4 million coin supply, more than half was acquired at prices higher than the current market rate.
The LTH Spent Output Profit Ratio (SOPR) sits at 0.99, below the neutral 1 threshold. This indicates that moving long-term supply is currently realizing aggregate losses. Such an environment leaves holders prone to selling at breakeven as prices approach $85,000, looking to exit positions without a loss.
For market participants awaiting a continuation of the bull run, the $85,000 level is far more than a technical reference point - it is the convergence zone between a whale’s coin supply and a line of long-standing investors waiting to get their capital back.
Reported by Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
