4M bitcoin bought above $85K could cap recovery, Glassnode warns
AI summary
Glassnode data indicates that roughly 4 million bitcoin were bought above $85K, creating a supply overhang that could limit any price recovery. Bitcoin is trading near the average cost basis of U.S. spot ETF holders, a level that often acts as resistance. Traders will watch whether buyers at that threshold hold or capitulate, since their behavior could determine the next directional move after the Fed held rates steady.
