Bitcoin long-term resistance in focus as analysis sees selling risk above $85K

Bitcoin's long-term resistance is in focus, with analysis from Glassnode drawing attention to the $85,000 level as a key selling point for long-term holders. This level is seen as the lower boundary of a cost-basis zone for long-term holders, which could indicate a potential price ceiling for the asset. The analysis suggests that if Bitcoin's price were to rise above $85,000, it could trigger selling from long-term holders, which could put downward pressure on the price. The cost basis of Bitcoin is an important factor in understanding market dynamics, as it can influence the behavior of investors and traders. As the Bitcoin market continues to evolve, it is likely that we will see more analysis of the asset's cost basis and its impact on price movements. The $85,000 level is seen as a key level to watch, as it could indicate a potential turning point for the Bitcoin price.