Bitcoin Breaks Above Key Cost Bases as Spot Demand Surges
Bitcoin has broken above key cost bases after a $10,000 price increase over the past 10 days, according to onchain data from Glassnode. This marks a significant shift in the market's dynamics, as investors are not rushing to sell into the recovery.
The percentage of supply held in profit fell to levels comparable with 2022, yet Net Unrealized Profit/Loss (NUPL) remained positive, indicating substantial stress without reaching capitulation conditions seen in previous crypto winters.
Spot demand is improving, with trading volume more than doubling from its August low, while ETF buying has strengthened alongside rising prices and broader activity across multiple exchanges.
The next challenge for Bitcoin is overhead supply, with a significant concentration of long-term-holder coins sitting around $84,000 to $85,000. Beyond this zone, the mean MVRV price near $96,700 stands out as the next major onchain resistance level.