Bitcoin’s rebound approaches the $85,000 zone where past buyers may sell

Bitcoin and Ethereum extended their weekend recovery, although on-chain indicators and derivatives positioning suggest the rebound faces significant obstacles.Data from CryptoSlate showed that Bitcoin briefly climbed above $84,000 after falling toward $80,000 during last week's selloff. Ethereum also recovered above $2,500, reversing part of its recent losses as buying activity returned to the cryptocurrency market.However, Bitcoin's advance has brought it closer to a major concentration of investor acquisition costs between $84,000 and $85,000, where selling pressure could intensify. Meanwhile, Ethereum's recovery comes as larger derivatives traders appear to be reducing their bullish exposure despite substantial outstanding positions.Bitcoin's $85,000 resistance threatens to stall recoveryBitcoin's recovery gained momentum during Sunday's trading session as traders appeared to capitalize on a liquidity concentration above the prevailing market price.CryptoQuant analyst J.A. Maartunn said on Oct. 11 that a liquidity cluster formed just above Bitcoin's trading level, giving traders an opportunity to push prices higher.According to Maartunn, traders appeared to establish a substanti...