Glassnode: The cost basis of investors who built positions at elevated levels continues to limit Bitcoin's upside, while recent selling pressure has eased significantly
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AT A GLANCE
Glassnode said that the cost basis of Bitcoin holders who bought at elevated levels continues to limit upside, but selling pressure has eased.
Article
Viewpoint: The cost basis of Bitcoin holders who built positions at elevated levels is capping upside, while selling pressure has eased significantly
BlockBeats news,October 14, glassnode stated in a post that the cost basis of investors who bought at elevated levels is still limiting Bitcoin's upside. As Bitcoin rebounded to around 88000 USD near, holders of 1 to 2 years sold heavily, and this price level was also close to the breakeven point for investors who had held for 6 to 12 months. Bitcoin's price subsequently encountered resistance below this level, and the selling pressure from this group has now eased significantly.
Original link https://m.theblockbeats.info/flash/371643
Key points
01
BlockBeats reported that,October 14 Glassnode stated in a post that the cost basis of investors who bought at elevated levels continues to limit Bitcoin's upside.
02
After Bitcoin rebounded to around 88000 USD holders of 1 to 2 years sold heavily.
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88000 USD The level was close to the breakeven point for investors who had held for 6 to 12 months.
04
Bitcoin's price subsequently encountered resistance below this level, and the related selling pressure has now eased significantly.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Some investors who bought Bitcoin earlier may sell when the price approaches their cost basis, potentially creating resistance. The material states that this selling pressure has now eased, but the price was still previously rejected below the relevant level.
Why it matters to readers
This suggests that earlier profit-taking or break-even selling may have affected Bitcoin's advance; reduced selling pressure does not mean that the resistance has disappeared.
Cost basis is the approximate price at which an investor bought an asset. When the price approaches the cost basis, some investors may choose to sell, creating pressure on the upside.
Risks and unknowns
The material relays Glassnode's view but does not provide the content of Glassnode's original text.
The material does not specify the size of the related selling pressure or how it may change going forward.
The material does not clarify whether Bitcoin can break through the relevant cost-basis zone.
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Cost basis
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