Bitcoin recently recovered the $85,000 level temporarily, but analysts said it is too early to characterize the move as a full-fledged upward rally because it has not been supported by trading volume or new capital inflows. The rebound appears closer to a short-term recovery amid limited fund inflows, prompting caution against interpreting it as a sustained uptrend.
No clear increase in trading volume accompanied the latest rebound. When Bitcoin recovered the $85,000 level, the combined average daily volume of spot exchanges and inflows into U.S. spot exchange-traded funds was approximately $6.8 billion. This was below more than 90% of the daily trading volumes recorded since 2024. In particular, although the daily candle on October 4 closed above $85,000, the trading volume itself was only about half the typical Sunday average, indicating that a meaningful influx of buying pressure had not been confirmed.
Looking at liquidation volumes in the derivatives market and the structure of order books, a large concentration of liquidation positions was found on the downside between $81,700 and $83,300. Based on order books at major global exchanges, the thickest buy orders were concentrated between $81,000 and $81,250, while a considerable volume of sell orders had accumulated between $86,500 and $86,750.
Whether Bitcoin can establish itself above $85,500 is being cited as a key turning point for its future price direction. If it closes steadily above that level, it could gain support for an upside breakout and potentially target liquidation positions tied to bearish bets clustered around $92,000. Conversely, if the key buy wall near $81,000 breaks down, a cascading wave of downside liquidations could accelerate and deepen the decline.