Bitcoin's rebound approaches the $85,000 zone where past buyers may sell | Market Analysis

Bitcoin and Ethereum extended their weekend recovery, but analysts say the rebound faces specific technical obstacles. Bitcoin briefly moved above $84,000 after falling toward $80,000 during last week’s selloff, while Ethereum recovered above $2,500 as spot buying returned. For Bitcoin, the key issue is a liquidity and cost-basis concentration between $84,000 and $85,000, where selling pressure could increase. CryptoQuant analyst J.A. Maartunn said a cluster formed just above the prevailing trading level on Oct. 11, alongside a bid/ask ratio that rose to 0.3, signaling stronger visible buy liquidity—though it can vanish if orders are canceled. Checkonchain data cited by Darkfost estimates about 53% of invested capital has acquisition prices above $83,000, with the largest block in the $84,000-$85,000 band. For Ethereum, derivatives data show large traders reducing bullish exposure, with open-interest deltas negative and weakening whale-versus-retail indicators.