Bitcoin investors who bought in late 2025 are holding back BTC price gains near $87,700, according to Glassnode. Support around $80,000 is strengthening as bid liquidity gathers at that level.
Investors who bought Bitcoin in the latter stages of 2025 now hold an aggregate cost basis of around $87,700, which functions as resistance per Glassnode analysis. Those holders sit on unrealized losses and cap price gains at that level.
Underwater holders cap rallies
Since the start of the year, two groups of holders have kept BTC/USD from moving higher once it challenges their acquisition cost basis. In January 2026, price tried to break above the trendline at $97,100 and was rejected.
The one-to-two-year cohort slipped into aggregate loss in February as price lost its cost basis of $76,900. In May, that cost basis halted a rebound at just above $82,000.
Glassnode noted the extent of the retracements that followed. According to Glassnode: "It met the 1-2 year cost basis in May and fell by about a quarter," the firm said.
Several resistance levels sit above $87,000
The six-to-12-month and one-to-two-year cohorts currently have cost bases of $87,700 and $99,500, respectively. The area above $87,000 also contains the 2026 opening price at $87,490 and the 20-month simple moving average at $87,165.
That average has historically preceded new all-time highs once BTC reclaims it as support.
ETF cost basis anchors support near $80,000
Below spot price, Glassnode calculates the spot ETF cost basis at $81,500. Bitcoin's true market mean sits at $77,500, and the breakeven point of short-term holders lies at $74,600.
The $80,000 level also acts as a psychological level and forms a magnet for bid liquidity across exchange order books. A break below the zone between $80K and $81.5K would bring the liquidation cluster just under $80K, and then the true market mean near $78K, into play, Glassnode commented.
Sources: Glassnode, Cointelegraph
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