New research from Glassnode identifies a key resistance level for Bitcoin at $87 700. This price point represents the breakeven cost basis for investors who acquired BTC between six and 12 months ago, creating significant sell-side pressure.
Historical data shows that when Bitcoin approaches the cost basis of specific holder cohorts, it often faces rejection. In January 2026, the price fell by over a third after hitting the 6-12 month cost basis. A similar trend occurred in May when the price dropped by about a quarter after reaching the 1-2 year cost basis.
Current support levels are forming around the $80 000 mark, bolstered by inflows into US spot Bitcoin ETFs. Glassnode estimates the ETF cost basis at $81 500, while the true market mean for all secondary market acquisitions sits at $77 500.
The zone between $80 000 and $81 500 serves as a critical area where on-chain support and order-book liquidity overlap. Short-term holders, who have held BTC for up to six months, have a breakeven point at $74 600, providing further potential support levels.
