Glassnode says $88K cost basis caps Bitcoin upside

Investors who bought near prior highs are still limiting Bitcoin’s upside, according to Glassnode. As Bitcoin moved higher, investors who bought one to two years ago sold on a large scale, Glassnode said. Since then, Bitcoin’s rally has stalled near $88,000, the average cost basis of investors who bought six to 12 months ago, and has failed to break above that level. Glassnode added that selling by the one- to two-year cohort has since slowed sharply.