Glassnode: BTC Cost Basis Caps Upside Near $88k

Glassnode notes the cost basis of investors that bought the top still caps BTC upside, with holders who bought 1 to 2 years ago selling heavily as price rallied toward $88k where the 6 to 12 month cohort breaks even.

That selling has since slowed considerably while bitcoin:native holds the ETF cost basis twice as support around $81.5k, with the next major level at the True Market Mean of $77.5k. On the 4h chart BTC trades at $83465.96 right on the EMA50 at $83471.2 that now acts as immediate resistance, above the EMA200 support at $82323.83; RSI at 51.75 stays neutral while MACD shows a bullish golden cross at 8.43, keeping price inside the Bollinger Bands with upper resistance at $84267.02 and lower support at $82273.18, so a test of the upper band could precede a retracement to the 50-EMA before any continuation.