Glassnode: BTC rebound above 85000 lacks volume and new capital

Bitcoin's recent rise above 85000 appears to be a light rally rather than a significant upward trend, as trading volume and new capital remain insufficient, according to Glassnode's weekly on-chain report. The report indicated that BTC's rebound was not supported by volume, with average daily trading volume across spot exchanges and U.S. spot ETF inflows at approximately 6.8 billion, lower than over 90% of trading days since 2024. On October 4, while Bitcoin closed above 85000, the volume was only about half of the average Sunday level, suggesting the price increase lacked strong buying pressure. Glassnode noted that the nearest large liquidation cluster is in the 81700-83300 range, with the largest buy wall on Binance's order book at 81000-81250. Conversely, a significant sell wall has been identified at 86500-86750. A steady close above 85500 could indicate a breakout supported by real demand, potentially leading to short liquidations around 92000. However, if the buy wall at 81000 fails, downside liquidations may accelerate.

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