Bitcoin price stalls near $88K as selling pressure slows
Summary
Bitcoin's price rallied toward $88,000 recently, but selling from holders who purchased 1 to 2 years ago has capped its upside as the price stalled just under this level. According to Glassnode data, Bitcoin has bounced off the cost basis established by ETF investors, spending much of the year below that threshold. The price has found support around $81,500 but will face critical resistance above it, as previous rallies have faltered at long-term holder break-even points, with the next major support identified at $77,500.
Tokens
$BTC
Analysis
Bitcoin: Bitcoin is the original and largest cryptocurrency by market capitalization, functioning as a decentralized digital asset on its own blockchain protocol. The news focuses on Bitcoin's price action being influenced by investor cost bases from different holding periods, with selling from 1-2 year holders creating resistance near recent highs and support tested around ETF-related levels. Glassnode: Glassnode is a prominent blockchain analytics firm specializing in on-chain data and metrics for cryptocurrencies, especially Bitcoin. Its analysis of cost basis cohorts and support levels is directly quoted in the news to explain recent Bitcoin price behavior, including bounces off key thresholds and slowed selling pressure. Market Structure: Bitcoin's recent rallies have repeatedly stalled at levels tied to longer-term holder break-even points before finding support lower down. On-Chain Metrics: Glassnode data highlights how Bitcoin's price interacts with aggregated cost bases from different investor cohorts to define near-term support and resistance.
Categories
cryptobitcoin