Glassnode noted that large BTC sell orders above $85,000 have disappeared.

Binance BTCUSDT limit order heatmap shows that buyers cleared a large sell wall around $85,000 after nearly a week of unsuccessful attempts. After that, part of the notable sell orders above the price was removed, and the bid-minus-ask depth metric (a market imbalance indicator that measures the difference between the total volume of buy orders (Bid) and sell orders (Ask)) became positive by the end of the period.

According to #Glassnode, this means that in the visible part of the exchange order book, the volume of buy orders now exceeds the volume of sell orders. If the counter-offer really remains low, then buyers will need less capital to push the price higher. In such a case, even a moderate strengthening of demand could trigger a faster move of BTC upward.

It’s clear that the heat map reflects only the Binance spot order book, and canceled orders may return to the market at any moment. And the disappearance of a sell wall doesn’t mean new demand has appeared. But still, these are important changes.

Separately, let us remind you of our post from September 30: that the BTCUSDSHORTS metric indicates a higher probability that short-selling pressure will ease over the next three days. That is—up to Friday, October 2. As of today. Right now, according to our indicator, a third marker of a potential high has appeared there. On the chart, it’s shown how the previous markers played out.

In the meantime, the situation for bears is still unfavorable. But we continue to hold our short, because the price is maintaining a steady downtrend on the 3-hour timeframe.