Glassnode
Bitcoin stalled just below $88K as holders who bought 6 to 12 months ago approached break-even. Investors who entered 1 to 2 years ago sold heavily into the rally toward that level, adding supply near the market's key resistance.
Why it matters
The selling pressure came from holders using the rally to exit around cost basis rather than from a broad breakdown in demand. That behavior capped BTC's advance as price approached the break-even level for the newer cohort.
Distribution from the 1-to-2-year group has since slowed considerably. The shift removes some immediate supply, but the 6-to-12-month cost basis remains the level the market must absorb before the upside can broaden.
Market impact
For BTC, the next test is whether reduced holder selling allows price to move through the resistance just below $88K. A failure would keep the cost basis of recent buyers as an overhead barrier, while a sustained break above it would show that this supply has been cleared.
Frequently asked questions
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Why did BTC stall just below $88K?
BTC stalled as holders who bought 6 to 12 months ago approached break-even. Their cost basis created resistance near $88K.
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Which Bitcoin holders sold into the rally?
Holders who bought BTC 1 to 2 years ago sold heavily as price rallied toward $88K.
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Has Bitcoin holder selling continued at the same pace?
No. Selling from the 1-to-2-year group has slowed considerably since the rally approached $88K.
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What is the main resistance facing BTC?
The main resistance is the break-even level for holders who bought 6 to 12 months ago, just below $88K.
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What would help BTC resume its upside?
BTC would need to absorb the remaining selling near the newer holders' cost basis and move through that break-even resistance.
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