Bitcoin: Glassnode identifies a resistance at $87,700 and a support at $80,000

The cryptocurrency market faces a significant obstacle, as several groups of investors seek to recover their purchase price. According to Glassnode, this situation is currently slowing Bitcoin’s progress to around $87,700. Holders who entered the market recently exert selling pressure when prices reach their breakeven threshold. Meanwhile, on-chain data reveal several support levels likely to influence the market’s next movement.

Bitcoin: Recent buyers strengthen resistance at $87,700

A recent Glassnode study highlights several price levels that limit bitcoin’s progress. Since the beginning of the year, two groups of investors have notably slowed the attempts to rise. Their purchase prices now serve as reference points to understand market reactions. When the price returns to these levels, some holders seek to sell their assets without recording losses.

The first group mentioned in the report includes investors who bought their BTC between six and twelve months earlier. In November 2025, the price fell below their breakeven price, set at $94,000. Then, in January 2026, a new attempt to rise to $97,100 was met with this resistance. The market then retreated, illustrating the difficulties encountered in breaking this level.

The second group includes holders who acquired their assets between one and two years earlier. Last February, the market drop put these investors in loss, with their average purchase price reaching $76,900. In May, this level again slowed the recovery, when the price slightly surpassed $82,000. These reactions show how past purchase prices can influence current movements.

Two groups of investors feed selling pressure

According to Glassnode, investors seeking to break even contribute to the rejections observed at these levels. When an asset returns to its purchase price, some holders take advantage of this opportunity to sell their positions. This additional supply complicates price progress when demand is insufficient to absorb it. The phenomenon partly explains why several recovery attempts have failed this year.

The report highlights the extent of corrections after these returns to breakeven prices. In January, the market reached the threshold of holders at six and twelve months before losing more than a third of its value. In May, it reached that of investors at one or two years, then fell by about a quarter. Glassnode also indicates that the latter intensified their sales during the early October recovery.

Today, the two cost bases are at $87,700 and $99,500. The first corresponds to investors who entered six to twelve months earlier, while the second concerns those who bought one to two years before. Other markers strengthen the concentration of resistances in this area. The 2026 opening price reaches $87,490, while the simple moving average over twenty months is at $87,165.

This accumulation of levels makes the $87,000 zone particularly important for the movement’s next phase. The bitcoin price must exceed these thresholds to relieve pressure from investors who want to recover their investments. However, their presence does not guarantee a systematic rejection of the price. The evolution will also depend on buyers’ ability to absorb sales when the market approaches these prices.

Bitcoin ETFs draw support between $80,000 and $81,500

Below resistance levels, Glassnode data show several potential support zones. The breakeven price of US spot Bitcoin ETFs is at $81,500. This level is an important reference to evaluate the average position of capital invested in these products. It is just above the psychological threshold of $80,000.

Glassnode also estimates the real average breakeven price of the market at $77,500. This measure corresponds to the acquisition cost of BTCs bought on secondary markets. Lower, the breakeven threshold of short-term holders is at $74,600. These levels could become important if prices continue to decline and further weaken recent positions.

The zone between $80,000 and $81,500 thus gathers orders present in platform order books and support identified on-chain. According to Glassnode, a break below this zone could trigger liquidations just below $80,000. The market could then turn to the average breakeven price, close to $78,000. This evolution, however, depends on buyers’ reaction and the intensity of sales.

In the short term, bitcoin is therefore between a resistance concentrated around $87,000 and supports located below $82,000. A sustained break through resistances could lighten selling pressure, while a breach of ETF support would expose the market to new liquidations. Levels at $81,500, $80,000, and $77,500 will remain decisive to assess demand strength.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.