Bitcoin Rises 35% in 90 Days but Remains 29% Below Last Year: Which Buyers Are Still Underwater?

Bitcoin has gained 35% over the past 90 days but remains 29% below its level a year ago, leaving investors who bought during the intervening highs underwater. The rebound has improved conditions for recent buyers, but it has not erased losses for those who entered near last year’s peak. Their unrealized losses may limit selling pressure as prices recover, while also creating potential resistance as holders seek to break even.