According to @glassnode, Bitcoin’s attempt to move above the Short-Term Holder cost basis around $98.4K was capped by sell-side pressure from 3–6 month holders whose average cost basis is near $112.6K, as this cohort increased spending into the move and realized elevated losses, weighing on upside momentum. According to @glassnode, BTC is consolidating in a low-volume regime with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural.