Bitcoin (BTC) is trading near $86,000, holding just above a flagged $85,000 sell wall after a Sunday rally lifted the weekly close roughly 2% higher, according to a report from crypto news outlet COINOTAG drawing on analysis from on-chain market intelligence provider Glassnode. The combination — a freshly cleared supply zone below and an on-chain demand target above — frames the levels in focus as the new trading week begins.

A dense supply cluster at $85,000–$85,500

The $85,000 to $85,500 band had been flagged as a sell wall — a dense cluster of resting sell orders concentrated in a single zone. In on-chain research, such zones typically correspond to the aggregate cost basis of coins acquired within a narrow price range, a concept used widely in blockchain analytics, including work published by Glassnode. When the market revisits these levels, investors who bought in that range may be inclined to sell near breakeven, creating overhead supply.

Bitcoin settling just above the band — rather than being rejected at it — leaves the zone directly beneath the spot price, where it serves as a near-term reference level for supply-side pressure. The roughly2% gain into the weekly close means the market cleared the level ahead of the new trading week. For those tracking the zone, the detail to watch is whether spot prices continue to hold above the band or slip back into it — the distinction analysts of cost-basis clusters use to gauge whether overhead supply is being absorbed.

$96.7K in focus

Per the report, Glassnode's assessment of on-chain demand frames $96.7K as the level toward which Bitcoin is being steered. The figure reflects the target highlighted in the analysis; no specific timeframe is attached to it. The open-ended framing is typical of cost-basis work, which describes where demand has been concentrated rather than committing to a schedule.

Context

On-chain demand analysis examines activity recorded directly on the Bitcoin blockchain — such as wallet balances, coin movements, and the price levels at which coins last changed hands — rather than exchange order books. Glassnode is among the best-known firms in this field, publishing metrics on holder cost basis and coin distribution that analysts use to identify zones of concentrated supply and demand.

This content was first published on COINOTAG: https://en.coinotag.com/glassnode-onchain-demand-bitcoin-btc-967k-target

This article is for informational purposes only and does not constitute investment advice.