4M Bitcoin Bought Above $85K Could Cap Recovery: Glassnode
· price · Sentiment: neutral
Approximately 4 million BTC were acquired by investors at prices above $85,000, according to Glassnode on-chain data. This large cluster of holders now sits at a loss as Bitcoin trades below that level, creating significant overhead supply. The consensus view is that this unrealized-loss position could act as strong resistance, capping near-term recovery rallies until these buyers are shaken out or the market moves back above $85K. The key implication is that Bitcoin’s upside may remain limited in the short term until this supply overhang is resolved.