Perspective: Bitcoin investors who accumulated positions at high levels have their cost prices capping upside potential, with selling pressure having notably eased.

Glassnode stated that the cost basis of investors who purchased Bitcoin at high levels continues to cap its upside potential. Following Bitcoin’s rebound to around $88,000, investors with 1 to 2-year holding periods sold off heavily, and this price level is also near the break-even point for investors who have held Bitcoin for 6 to 12 months. Bitcoin’s price subsequently faced resistance below this level, and this selling pressure has now eased significantly.

@tonmelonfest