Bitcoin recently briefly recovered the $85,000 level, but analysts say it is too early to characterize the move as a full-fledged upward rally because it was not supported by trading volume or new capital inflows. The rebound appeared closer to a short-term recovery amid limited capital inflows, prompting caution against interpreting it as the start of a sustained uptrend.
There was no clear accompanying surge in trading volume during the rebound. Around the time Bitcoin recovered the $85,000 level, the average daily trading volume—combining 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, daily trading on October 4 closed above $85,000, but volume itself was only about half the usual Sunday average, suggesting that a meaningful influx of buying pressure had not been confirmed.
Looking at liquidation volumes in the derivatives market and the structure of the order book, a large concentration of liquidation positions on the downside was found between $81,700 and $83,300. Based on order books at major global exchanges, the deepest buy orders were formed between $81,000 and $81,250, while a substantial volume of sell orders had accumulated between $86,500 and $86,750.
Whether Bitcoin can establish itself above $85,500 is being viewed as a key turning point for its future price movement. If it closes steadily above that level, it could gain support for an upside breakout and potentially target the liquidation of bearish bets concentrated around $92,000. Conversely, if the key buy wall near $81,000 breaks down, a cascade of downside liquidations could accelerate and deepen the decline.