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Bitcoin’s recent move back above $85,000 appears closer to a light rally than a true upside run, with trading volume and new capital still lacking, according to Glassnode’s weekly on-chain report.
The report said BTC’s latest rebound was not accompanied by volume. When Bitcoin reclaimed $85,000, average daily volume across spot exchanges and U.S. spot ETF inflows combined was about $6.8 billion, lower than more than 90% of trading days since 2024. Glassnode added that the Oct. 4 daily candle closed above $85,000, but volume was only about half the average Sunday level, indicating price rose without clear evidence of stronger buying pressure.
Glassnode also said the nearest large liquidation cluster is stacked in the $81,700-$83,300 range, while the largest buy wall on Binance’s order book sits at $81,000-$81,250. On the upside, a sizable sell wall has been seen at $86,500-$86,750. If Bitcoin closes steadily above $85,500, that would show the breakout is backed by real support and could bring it closer to short liquidations concentrated around $92,000, the report said. If the buy wall around $81,000 breaks instead, downside liquidations could accelerate.