EN
Español
Português (Brasil)
Türkçe
Tiếng Việt
Bahasa Indonesia
Polski
Čeština
Română
Slovenčina
Magyar21 Oct 2026
Glassnode data shows investors who bought Bitcoin six to 12 months ago have a cost basis of $87,700, and their breakeven selling is capping the price. On the downside, the zone between $80,000 and the $81,500 US spot ETF cost basis is where order-book and onchain support overlap.
Bitcoin’s push higher keeps running into the same kind of wall: investors waiting to get their money back. New research from onchain analytics firm Glassnode, reported by Cointelegraph, shows that holders who bought BTC in late 2025 now have an average cost basis of $87,700, and selling from that group at breakeven is acting as resistance.
At the same time, Glassnode points to a cluster of support levels around $80,000, helped by the cost basis of US spot Bitcoin ETF buyers.
Two cohorts have capped rallies this year
According to Glassnode, two groups of holders have repeatedly stopped BTC/USD from moving higher once price reached their acquisition cost.
The first is the six-to-12-month cohort. In November 2025, Bitcoin lost this group’s cost basis, which sat at $94,000 at the time. When price tried to break above the trendline at $97,100 in January 2026, it was rejected and moved lower.
The second is the one-to-two-year cohort, which slipped into aggregate loss in February when price fell below its cost basis of $76,900. In May, that level halted a rebound just above $82,000.
“Bitcoin rose to the 6-12 month cost basis in January and then fell by more than a third. It met the 1-2 year cost basis in May and fell by about a quarter,” Glassnode said. The firm added that the one-to-two-year holders also sold more into the rally at the start of October.
The current cost bases for those two cohorts are $87,700 and $99,500.
Why the $87,000 area matters
The zone above $87,000 stacks several levels together. Besides the $87,700 cohort breakeven, it contains Bitcoin’s 2026 opening price at $87,490 and the 20-month simple moving average at $87,165. Cointelegraph notes that the 20-month SMA has historically preceded new all-time highs once it was reclaimed as support.
Support sits near $80,000
Below the market, Glassnode calculates the US spot ETF cost basis at $81,500. Bitcoin’s true market mean, the cost basis for all BTC bought on secondary markets, is at $77,500, and the short-term holder breakeven is at $74,600.
Glassnode said a large block of bid liquidity sits just under the ETF cost basis, so the $80,000 to $81,500 zone “is where order-book and on-chain support overlap.” A break below it would bring a liquidation cluster just under $80,000, and then the true market mean near $78,000, into play.
What it means for traders
The data frames a range rather than a direction. Upside attempts may meet selling around $87,000 to $87,700 as underwater buyers exit, while the $80,000 to $81,500 band is the first major support area. A clean break of either side would be the signal many chart watchers are waiting for, but past rejections at cohort cost bases were followed by large pullbacks, so position sizing and stop placement matter.
If you trade these levels, order types, fees and liquidity differ a lot between platforms. Our exchange comparison lists trading fees side by side, and reviews of Kraken, Coinbase and Bitget cover their spot and derivatives offering. See how we test for our scoring method. This is not financial advice.
Related reviews
Sources
News is for information only and is not financial advice. More crypto news
Get crypto news first on our Telegram channel.
Join on Telegram