Bitcoin trades below a resistance zone between USD 87,000 and USD 87,800 on October 21, as on-chain analytics firm Glassnode warned that a break from its recent trading range could bring sharper price swings. The assessment came as BTC recovered toward USD 83,000 while demand through U.S. spot Bitcoin exchange-traded funds slowed.
Glassnode Identifies Selling Pressure Near USD 90,000
Glassnode identified USD 87,000 to USD 87,800 as a barrier that Bitcoin has struggled to clear during recent attempts to recover. In an October 21 market assessment, the firm said a move outside the current range could increase volatility. It did not forecast whether the next sustained move would be higher or lower.
Selling pressure around USD 90,000 presents another obstacle above that range. Even a move through USD 87,800 would leave Bitcoin facing holders willing to sell near the round-number level. For now, BTC remains below both areas, with several nearer resistance levels separating its current price from Glassnode's upper zone.
Coinbase Research Shows Supply Above Bitcoin's Price
Glassnode's October 15 report with Coinbase Institutional also examined the concentration of Bitcoin supply above the market. Its support-and-resistance chart mapped the area that stopped September's advance and showed more coins acquired at prices above that region. Such clusters can attract selling when holders regain their purchase prices.
The report also found that coins untouched for more than a year continued to increase during the third quarter. Meanwhile, Glassnode's October 19 market update described a weaker short-term picture. “The heavy selling behind that slide has faded, but fresh demand has not replaced it,” the firm wrote, referring to Bitcoin's October decline.
Coinbase Institutional offered a related assessment in a September 25 note. It reported that one-month expected volatility sat within the lowest 5% of historical readings, while options dealers held positions that could increase sensitivity to price changes. The research focused on near-term volatility rather than predicting Bitcoin's next price direction, despite recent gains.
Bitcoin ETF Inflows Slow After Monday's Jump
U.S. spot Bitcoin ETFs attracted USD 526.6 million on October 19, their strongest daily inflow since September 22, according to SoSoValue figures. BlackRock's iShares Bitcoin Trust gained roughly USD 665.2 million. However, withdrawals from Fidelity's FBTC and Grayscale's GBTC reduced the combined total.
On October 20, net inflows dropped to USD 23.16 million. Total assets across the funds stood at USD 106.28 billion, while daily trading volume declined to USD 1.92 billion from USD 2.09 billion. The smaller inflow followed a brief improvement in fund demand, rather than another session of withdrawals.
Glassnode's October 19 report had also recorded about USD 230 million in weekly ETF outflows through the preceding reporting period. Its data showed Bitcoin futures positions remained elevated, while options traders paid more for downside protection. Those readings predated the two consecutive ETF inflow sessions.
Bitcoin Price Faces USD 85,000 Before Higher Resistance
Bitcoin traded around USD 83,000 on October 21 after recovering from levels near USD 80,000. A move above the USD 83,100 area would put the price back over the middle of its daily Bollinger Bands. Resistance around USD 84,450 and USD 85,000 would then come before Glassnode's USD 87,000 threshold.
On the downside, USD 80,100 marks the lower Bollinger Band area, with USD 78,000 another level identified in recent chart analysis. The daily MACD histogram remained negative, indicating that upward momentum had not regained strength despite the rebound.
Analyst Rekt Capital identified USD 82,200 as a level to watch at the weekly close. He warned that failing to reclaim it could turn the area into resistance and bring further selling. Bitcoin traded near that threshold on October 21.
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