BlockViz.xyz

$BTC is at a proper battleground right now, and long‑term holders are finally taking some chips off the table.

Over the past days, spending from older wallets has picked up noticeably, which usually means early cohorts are selling into strength after the run to new highs. That supply is now meeting a more cautious market, with macro risk‑off and ETF flows no longer in “full send” mode.

Why 85K matters:

• It’s a big psychological level and a clear pivot on the chart.

• A lot of recent spot and ETF buyers are anchored around the mid‑80Ks.

• Order books and open interest have been clustering in this zone.

From here, it’s basically two paths:

• Scenario 1: 85K holds (or is quickly reclaimed).

That would signal that institutions and dip‑buyers are absorbing long‑term holder supply, and BTC can chop in an 85–95K range while the market digests profit‑taking.

• Scenario 2: Slow bleed toward 80K.

If price accepts below 85K and bounces keep getting sold, the market will naturally probe the next liquidity pocket around 80K (and possibly the high‑70Ks) before stronger demand steps in.

Right now, the tape looks more like an ownership rotation than a full trend break: old coins moving to new hands, with 85K as the current line in the sand. Whether we bounce here or finish the move closer to 80K depends less on long‑term holders, and more on how aggressively fresh capital is willing to buy this dip.