Glassnode: Bitcoin 85000 USD sell wall absorbed by buying pressure
BIBIBI
AT A GLANCE
Glassnode stated that the Bitcoin 85000 USD sell wall was absorbed by buying pressure.
Article
Glassnode: Bitcoin 85000 USD sell wall absorbed by buying pressure
PANews October 2 reported that Glassnode, an on-chain data analytics platform, stated that the sell wall above Bitcoin has disappeared. Buyers absorbed the sell wall at the 85000 USD price level yesterday; this level had undergone multiple tests over nearly 1 weeks but was not broken through. Glassnode said that the remaining sell orders also appeared to have been withdrawn. As sell-side liquidity above decreases, the price may rise more quickly.
PANews stated that Glassnode said the sell wall above Bitcoin has disappeared.
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Buyers absorbed the sell wall at the 85000 USD price level yesterday.
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85000 USD The price level had previously undergone multiple tests over nearly 1 weeks but was not broken through.
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Glassnode said that the remaining sell orders also appeared to have been withdrawn.
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The report noted that as sell-side liquidity above decreases, the price may rise more quickly.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
A sell wall is a concentration of sell orders near a particular price level. The article stated that the sell orders near the 85000 USD level had been absorbed by buying pressure, while the other sell orders also appeared to have been withdrawn, thereby reducing the visible sell-side liquidity above.
Why it matters to readers
If sell-side liquidity above has indeed decreased, the price of Bitcoin may rise more quickly; however, this is only a possibility stated in the article.
This means that buyers may find it easier to push the price higher, but whether the sell-side orders will continue to decrease remains to be seen.
Risks and unknowns
“The remaining sell orders also appeared to have been withdrawn” is not a definitive statement.
The evidence does not provide order book or on-chain data that can be independently verified.
The evidence does not indicate whether Bitcoin has already broken through and held above the 85000 USD level.
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Related concepts
sell wall
A large concentration of sell orders at the same price that may slow a price increase.
