According to Glassnode, the breakeven points of two cohorts of buyers are currently limiting BTC/USD’s advance. Buyers who entered six to twelve months ago have a breakeven level of $87,700, while those who bought one to two years ago are at $99,500. When Bitcoin reached these levels, underwater holders sold to return to breakeven, creating selling pressure that new demand could not absorb: BTC fell by more than one-third in January 2026 and by about one-quarter in May. Below current prices, the $81,500 breakeven level for US spot ETFs, the $77,500 true market mean, and the $74,600 breakeven level for short-term holders provide potential support. The $80,000 to $81,500 zone is attracting bid liquidity, but a break below it could trigger liquidations and expose Bitcoin to lower support levels.
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