Bitcoin: Glassnode identifies a resistance at $87,700 and a support at $80,000

The cryptocurrency market faces a significant obstacle, as several groups of investors seek to recover their purchase price. According to Glassnode, this situation is currently slowing Bitcoin’s progress to around $87,700. Holders who entered the market recently exert selling pressure when prices reach their breakeven threshold. Meanwhile, on-chain data reveal several support levels likely to influence the market’s next movement. A recent Glassnode study highlights several price levels that limit bitcoin’s progress . Since the beginning of the year, two groups of investors have notably slowed the attempts to rise. Their purchase prices now serve as reference points to understand market reactions. When the price returns to these levels, some holders seek to sell their assets without recording losses.

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