Bitcoin faced a price rejection near the $87,220 level, pulling the asset back toward $84,575 and returning the price inside a two-week trading channel. During the failed breakout, large holders sold more than 30,000 BTC, representing approximately $2.52 billion based on a valuation of roughly $84,000 per coin.
Analyst Ali Charts noted that the downward pressure stemmed from the price hitting the upper boundary of the channel while whale holdings declined due to profit-taking. This shift has turned technical attention toward the lower channel boundary near $82,500.
Additional market data aligns with this downside region. A four-hour chart indicates the lower Bollinger Band is positioned near $82,362, while CoinGlass liquidation data shows clusters of liquidations between $82,600 and $82,800, as well as another concentration near $82,000. Market analysts note that confirmation of support at these levels will depend on whether large-holder balances begin to rise again.
Even if support holds, potential overhead supply remains. According to Glassnode data, investors who acquired Bitcoin between six and 12 months ago hold an average cost basis near $89,000, while buyers from one to two years ago average around $97,000. These cohorts remain underwater at current market prices, and 2025 rally buyers are currently recording some of their highest average daily selling volumes of the year. Furthermore, long-term-holder realized profit nearly doubled during the week ending September 29, rising from 34% to 55% of total realized profit.
