Bitcoin Faces $87.7K Resistance From Late-2024 Buyers, Glassnode Says
On-chain data shows investors who bought BTC in late 2024 are capping upside near $87,700, making that level a critical near-term battleground.
Bitcoin's rally has stalled near a psychologically and technically significant threshold, and new on-chain research from Glassnode offers a compelling explanation for why. According to the analytics firm, investors who accumulated Bitcoin during a concentrated buying window in late 2024 — a cohort Glassnode calls "top buyers" — are now sitting near breakeven and applying meaningful selling pressure around the $87,700 zone.
This dynamic is a familiar feature of Bitcoin market cycles. When a large group of investors purchased near a local peak, their cost basis becomes a gravitational ceiling on subsequent recovery attempts. As price climbs back toward that level, holders who endured months of underwater positions face the behavioral pull to exit at breakeven, flooding the market with supply precisely when momentum buyers need clear skies.
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The $87,700 level therefore carries more analytical weight than a simple round-number resistance. It represents a dense cluster of unrealized losses turning flat — a structural overhang that must be absorbed, not just breached, for sustained upward price discovery to resume. Traders and institutional desks watching on-chain cost-basis distributions will likely treat a decisive close above that zone as a meaningful signal of demand strength.
Glassnode's framing also underscores how on-chain data has matured into a front-line tool for market analysis, moving well beyond the retail-sentiment indicators that dominated earlier Bitcoin cycles. Identifying which cohorts hold coins, at what prices, and in what quantities gives analysts a supply-side map that traditional technical charts cannot replicate.
Whether Bitcoin can convert $87,700 from resistance into support will depend on whether incoming demand is strong enough to absorb that cohort's exit pressure — a test that could define near-term price direction. Continue reading at Cointelegraph.
