--- title: "Glassnode: Bitcoin Faces Resistance at $87,700 as 2025 Buyers Seek Breakeven" description: "On-chain data shows underwater holders are capping rallies near $87,700, while US spot ETF inflows build strong support near $80,000." url: https://basisdesk.news/news/bitcoin-faces-resistance-87700-glassnode-cost-basis published: 2026-10-21T10:56:29.910Z modified: 2026-10-21T10:56:29.910Z section: Bitcoin author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BTC] tags: [bitcoin, glassnode, etf, on-chain, market-analysis] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Glassnode: Bitcoin Faces Resistance at $87,700 as 2025 Buyers Seek Breakeven On-chain data shows underwater holders are capping rallies near $87,700, while US spot ETF inflows build strong support near $80,000. ## At a glance - **What happened:** Glassnode analysis revealed late-2025 Bitcoin buyers hold an aggregate cost basis of $87,700, creating strong resistance as underwater holders seek breakeven exits. - **Why it matters:** The concentration of seller breakeven points caps upward market rallies while US spot ETF cost bases establish support between $80,000 and $81,500. - **Who is affected:** Bitcoin spot traders, late-2025 buyers holding unrealized losses, and US spot Bitcoin ETF investors. - **What's next:** No next step announced. - **Primary source:** [Bitcoin ‘top buyers’ halt BTC price upside with $87.7K now key: Glassnode](https://cointelegraph.com/markets/bitcoin-top-buyers-halt-btc-price-upside-with-877k-now-key-glassnode?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound) — cointelegraph.com ## Key points - Glassnode data shows the six-to-12-month Bitcoin holder cost basis sits at $87,700, forming major overhead resistance alongside the 2026 open at $87,490. - US spot Bitcoin ETF investors hold an aggregate cost basis of $81,500, converging with exchange bid liquidity to defend the $80,000 level. - Bitcoin's broader structural support levels include the true market mean at $77,500 and the short-term holder cost basis at $74,600. ## Editorial remark - **Context:** Throughout 2026, Bitcoin rallies have faced exhaustion at historical acquisition prices as late-2025 buyers offload positions at breakeven after prolonged drawdowns. - **Impact:** Market liquidity is compressed between $80,000 and $87,700, limiting short-term breakout potential for spot traders until overhead supply is absorbed. - **Watch:** Order-book bid clusters between $80,000 and $81,500 alongside spot ETF flow data to determine if institutional buyers defend the ETF cost basis. Bitcoin investors who purchased assets in the latter stages of 2025 have established an aggregate cost basis near $87,700, creating a persistent zone of sell-side resistance, according to analysis by Glassnode published on Oct. 21 [1]. The breakeven levels of underwater cohorts have repeatedly blocked upside momentum throughout 2026 as market participants seek liquidity to exit positions without realizing losses [1]. At the time of writing, $BTC was trading around $83,320, up 2.3% over the prior 24 hours. Glassnode identified two specific holder bands that have constrained market gains [1]. In November 2025, the spot price lost the six-to-12-month cohort cost basis, which served as resistance during a January 2026 rejection at $97,100 that sent prices down by more than a third [1]. A second cohort—investors holding tokens for one to two years—slipped into aggregate loss in February 2026 when prices fell beneath their $76,900 cost basis [1]. A subsequent May 2026 rebound halted above $82,000 against this cohort's breakeven line, prompting a 25% retracement [1]. That group also increased selling pressure during a rally at the start of October, with their cost basis now situated at $99,500 [1]. The six-to-12-month cost basis currently sits at $87,700, converging with the 2026 annual open at $87,490 and the 20-month simple moving average at $87,165 [1]. ## Support Congestion Around $80,000 Downside buffers are forming lower on the chart, bolstered primarily by institutional products [1]. Glassnode calculated the aggregate cost basis for US spot Bitcoin exchange-traded funds at $81,500, aligning with heavy order-book liquidity near the psychological $80,000 mark [1]. Previously, spot price behavior exhibited similar sensitivity to macroeconomic pullbacks, as seen when [Bitcoin touches $83,000 before pulling back](https://basisdesk.news/news/bitcoin-tests-83k-tech-rebound-macro-split) alongside equity volatility. Should the $80,000 to $81,500 band fail to hold, Glassnode indicated that secondary support lies at Bitcoin's true market mean of $77,500, which tracks the average acquisition price across all secondary markets [1]. Below that level, short-term holder cost basis—representing addresses holding coins for up to six months—currently sits at $74,600 [1]. ## Sources 1. [Bitcoin ‘top buyers’ halt BTC price upside with $87.7K now key: Glassnode](https://cointelegraph.com/markets/bitcoin-top-buyers-halt-btc-price-upside-with-877k-now-key-glassnode?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound) — cointelegraph.com, 2026-10-21 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai