Bitcoin’s price is currently navigating resistance around the $87,000 to $88,000 range, a level influenced by selling pressure from holders who acquired the cryptocurrency in late 2025 and early 2026. According to Glassnode’s analysis, this price zone represents the average cost basis for these recent buyers, who may be looking to exit at break-even as the price approaches their acquisition cost.
Glassnode data indicates that the most significant resistance cluster is found between approximately $87,000 and $87,800. Bitcoin has tested the broader $87,000-$88,000 area multiple times without sustained upward movement, a pattern consistent with selling pressure from this cohort. A secondary layer of overhead supply exists near $100,000, stemming from holders who purchased Bitcoin one to two years ago and whose cost basis lies in that vicinity.
Currently, Bitcoin is trading within a range of $82,000 to $84,000. Glassnode’s analysis of this period reveals thin trading volumes and mixed flows into US spot Bitcoin ETFs. This suggests that current institutional demand may not be robust enough to overcome the selling pressure exerted by recent buyers. Older holders, according to Glassnode, are exhibiting reduced selling pressure, contributing to a consolidation phase where long-term holders remain largely inactive while recent buyers cap price increases.
On-chain metrics identify two key support levels below the current trading range. The first is the cost basis of US spot ETF holders, estimated at approximately $81,500. A price drop below this level could potentially alter the behavior of these holders, as they would move into an unrealized loss. Further down, Glassnode identifies a support level known as the True Market Mean, situated between $77,500 and $78,000. This metric aims to represent the average acquisition price of coins actively participating in the market.
Glassnode’s research suggests that a decisive move above the $87,000-$88,000 resistance band could trigger increased volatility. However, the analysis also flags another supply cluster around $90,000, indicating that bulls might face fresh selling pressure shortly after any potential notable move. Beyond this, the 1-2 year holders with a cost basis near $100,000 represent another group that could contribute to selling pressure if the price advances significantly.
Several uncertainties surround Bitcoin’s immediate recent price action. The exact timing and magnitude of future price movements remain unclear. Additionally, the commitment level of US spot ETF holders is yet to be fully tested if the price drifts towards their cost basis. It is also uncertain whether bulls will encounter immediate selling pressure after breaking through the $87,000-$88,000 resistance.
A notable move below the $81,500 ETF holder cost basis would bring the True Market Mean range of $77,500-$78,000 into focus. A loss of this zone would signify a more substantial deterioration in the on-chain market structure.
Why This Matters
Understanding the current price resistance and support levels is crucial for assessing Bitcoin’s short-term market trajectory amidst mixed institutional flows. The analysis highlights how different holder behaviors and mixed institutional demand are contributing to Bitcoin’s current consolidation phase.
Broader Context
Glassnode’s analysis places a dense resistance zone between roughly $87K and $88K, reflecting the average cost basis of holders who bought from late 2025 into early 2026. This context is essential for understanding the current price limitations.
