BEARISH 📉 : Glassnode says supply above $80k blocks Bitcoin recovery
Glassnode flags 495k BTC supply overhang above $80k
A large cluster of Bitcoin supply sits between $80k and $126k. Glassnode says these coins likely need to migrate to lower cost bases before a sustained recovery.
Glassnode’s lead analyst CryptoVizArt shared the Cost Basis Distribution heatmap, showing heavy break-even supply above $80k, approaching 495k BTC at peak density. Source: CryptoVizArt on X.
These upper clusters have thinned versus prior highs as coins changed hands lower during the downturn. But they still dominate relative to sub-$80k clusters. Source.
Underwater holders often sell near break-even. That behavior can cap rallies. The analyst noted that May’s bounce likely met this supply. Source.
“ For a sustained recovery to take shape, this supply needs to gradually migrate into new buyers’ hands at lower cost basis levels,” wrote CryptoVizArt. “This transition can be achieved through deeper correction and/or bear market continuation.” Source.
Price context: BTC fell to $59,000 last week, then opened Monday near $63,200.
