Bitcoin Buyers Remove $85,000 Sell Wall, Potential for Price Increase

Bitcoin has seen a significant shift in its trading dynamics as buyers have successfully cleared a substantial cluster of sell orders at the $85,000 mark. This development may facilitate a potential price increase for the cryptocurrency, which had previously struggled to maintain levels above this threshold. The sell wall, a concentration of limit sell orders, had been particularly formidable, with on-chain data from Glassnode indicating that it had tripled in size from September 24 to September 30, 2026.

The recent price action for Bitcoin included a brief surge above $85,000 on September 21, reaching an intraday high of approximately $85,248. This spike was largely driven by around $648 million in short liquidations, where traders betting on a price decline were forced to buy back Bitcoin, contributing to the upward momentum. However, after this initial rally, Bitcoin faced challenges in sustaining its position above $85,000, primarily due to declining demand from U.S. spot Bitcoin exchange-traded funds (ETFs) and profit-taking by long-term holders.

Following the sell wall's removal, traders will be closely monitoring whether this level remains clear, as sell walls can be re-established at any time. Additionally, the recent drop in institutional demand for Bitcoin ETFs, which saw net inflows plummet to just $24 million on September 28, raises concerns about the sustainability of any upward movement. Long-term holders, who increased their realized profits from 34% to 55% in the week ending September 29, have also played a significant role in the current market dynamics, potentially influencing future price movements.

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Source: KLEA News