Bitcoin holds $80,000 support as supply near $87,000 limits recovery

Bitcoin tested support near $80,000, where the average purchase prices of US spot ETFs and corporate holders converge. Sell orders and liquidation clusters around $87,000 remain the next major obstacle to a sustained recovery. In its “Swept and Refilled” report published on October 21, 2026, Glassnode said Bitcoin had been trading around the US spot ETF cost basis, the average purchase price of the funds’ holdings. Its previous report identified that level as the nearest on-chain support. Bitcoin has crossed below it several times since October 8.