Bitcoin Recovery Needs This To Happen, Glassnode Analyst Reveals
Summary
Bitcoin’s Cost Basis Distribution shows a large concentration of supply bought near cycle highs, especially in the $80,000–$126,000 range. Roughly 495,000 BTC sits in these upper price bands, meaning many holders are still underwater after buying near recent peaks. That overhang can slow recoveries because investors often sell once price returns to their break-even levels. The pattern may have helped limit the May rebound. A sustained Bitcoin recovery may require this high-cost supply to shift lower through continued downside or an extended bear-market phase, allowing weaker high-entry holders to capitulate and new buyers to absorb the coins. Bitcoin recently fell to about $59,000, then recovered to around $63,200.
