Bitcoin (BTC) is on the path to recovery after experiencing a dip earlier this year, showing remarkable performance compared to major traditional assets throughout the last month, despite facing significant resistance in the $83,000 to $86,000 range.
Resistance at $86K Challenges Bitcoin
Over the last 21 trading days, BTC has surged by 23%, while both the S&P 500 and Nasdaq 100 have remained relatively stable, and the Euro Stoxx 50 has seen a decline, according to a report from Glassnode released on Wednesday. This performance places Bitcoin at the forefront among the seven tracked assets during this timeframe.
Even with these gains, Bitcoin’s upward movement has faced hurdles in breaking through the $83,000 to $86,000 resistance area, which represents the cost basis for a majority of long-term holders (LTHs).
According to Glassnode’s Long-Term Holder Cost Basis Distribution, approximately 1.07 million BTC were acquired within the $83,000 to $86,000 range, predominantly held by long-term investors.
“The supply gained between $76K and $82K, primarily by newer buyers, has expanded while the accumulation floor between $62K and $65K has decreased as those coins cycled out,” noted Glassnode.
The report characterized the market as one that has “rebuilt its floor just beneath the market price while keeping the ceiling intact.”
The derivatives market indicates a similar point of resistance. Bitcoin’s futures liquidation heatmap reveals that short liquidation levels within the $82,000 to $86,000 zone have increased by 21% since the squeeze on August 19.
“A consistent breakthrough past $86K would utilize the most significant short-liquidation potential visible on the map; conversely, a drop to $63K would start to affect the long side,” Glassnode explained.
Muted Selling Pressure Near Resistance
As Bitcoin approaches its resistance area, selling pressure has remained notably low. The Sell-Side Risk Ratio has decreased to seven basis points per day over a week, which is less than half of the 16 basis points noted during the peak in August. Throughout the market highs in July and October 2025, this measure reached 35 and 23 basis points, respectively.
Long-term holders contributed to 47% of realized profits, a decrease from 88% at the August peak. Additionally, the profit spike seen on September 3 was only about half the magnitude of August’s increase.
“The trend indicates a market that has moved beyond its value zone without becoming overly expensive,” Glassnode observed.
In the meantime, altcoins have also seen a boost, with the total market capitalization of altcoins rising by 21% over the past month. However, their market share against Bitcoin has not seen significant growth.
The 90-day change in altcoin market share stands at a negative -0.9 percentage points, indicating that a general shift into higher-risk assets commonly expected near previous Bitcoin cycle peaks has not yet occurred.
At the time of writing, BTC is trading at $78,400, reflecting a slight decline of 0.1% over the last 24 hours.