Bitcoin's push higher is running into a stubborn ceiling near $87,000, and the buyers who got in late last year are the ones holding it down. Glassnode research published this week identifies the $87.7K level as the key hurdle, with investors who bought BTC in late 2025 reinforcing resistance from above.
The on-chain data firm describes those holders as "top buyers" — the cohort that entered near the cycle's recent peak and has been sitting on positions ever since. As price approaches their entry zone, the supply they're willing to unload grows, and the rally stalls.
Why $87.7K is the line in the sand
Glassnode's analysis points to the $87.7K level as the specific threshold where late-2025 buyers cluster. That's not a coincidence. When a large group of investors is underwater or barely in profit, their break-even price becomes a natural sell zone — some to cut losses, others to exit flat after months of waiting.
The result is a band of supply that absorbs buy orders as price climbs. Glassnode's research frames this as a supply overhang, not a lack of demand. Buyers are still showing up. They're just meeting sellers who've been waiting for this exact range.
The 'top buyer' problem
Late-2025 buyers occupy an awkward spot in the market. They entered near the highs and have watched price trade below their cost basis for much of 2026. Every rally back toward their entry gives them a reason to sell.
Glassnode's note doesn't quantify how much supply sits at that level, but the firm's identification of the cohort as the driver of resistance is the key takeaway. Until that supply gets absorbed — or those holders change their minds — the $87.7K zone stays sticky.
For traders, the practical read is straightforward: a clean break above $87.7K would mean the late-2025 cohort has either sold out or decided to hold. Neither has happened yet.
What would break the ceiling
Glassnode's research doesn't offer a timeline, and it doesn't predict what comes next. What it does is pinpoint the level that matters and explain who's defending it.
The next test is whether price can grind through the $87.7K band or gets rejected again. Each attempt that fails reinforces the level's significance and adds to the supply stacked there. Each attempt that succeeds chips away at it.
For now, the late-2025 buyers are in control of the range, and Bitcoin's upside is capped until they're not.
