Bitcoin Faces $87.7K Resistance From Late-2024 Buyers, Glassnode Says
On-chain data shows investors who purchased Bitcoin in late 2024 are now selling near $87,700, creating a key price ceiling.
Bitcoin's rally has run into a wall near $87,700, and on-chain analytics firm Glassnode has identified who is building it: investors who accumulated BTC during the latter part of 2024. According to new research from the firm, these so-called "top buyers" — those who entered positions near previous local highs — are now sitting at or near break-even and appear to be using the recovery as an exit opportunity, effectively capping upside momentum.
This behavioral pattern is well-documented in crypto market cycles. Buyers who purchased assets near prior peaks tend to sell aggressively once prices return to their cost basis, relieved to escape underwater positions. When a large cohort of investors shares a similar entry price, that level transforms into a supply wall — a zone where sell orders concentrate and overwhelm demand, making sustained price breaks difficult without exceptional buying volume.
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The $87,700 level is therefore not arbitrary resistance; it represents a psychologically and economically meaningful threshold for a specific class of market participants. Glassnode's on-chain methodology allows analysts to estimate the cost basis of coins currently in circulation, giving this kind of resistance level empirical grounding rather than relying solely on chart-based technical analysis.
What this means for Bitcoin's near-term trajectory is significant. For bulls to push prices through this zone decisively, new demand would need to absorb the selling pressure from late-2024 accumulators — a test of whether fresh capital is entering the market or whether the current recovery is being driven largely by existing holders repositioning. Until that supply is cleared, $87,700 remains the critical line separating a continued consolidation from a renewed breakout attempt.
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