Bitcoin Meets Resistance Near $88,000 as Selling Pressure Eases

Bitcoin (BTC) faced resistance near $88,000 as one- to two-year holders sold into the rebound, while selling pressure later eased after the market encountered resistance near that level. The $88,000 area is also close to the estimated breakeven point for investors who bought Bitcoin six to 12 months ago. That group’s cost basis is approximately $89,000. The recent selling came from holders who had kept their Bitcoin for one to two years. Cost-basis levels show where defined groups acquired Bitcoin on average.