Bitcoin Hits May High Again, But Recent Buyers Face Tougher Times

Bitcoin's price has returned to its May high of $81,050, but this time around, recent buyers are facing a much tougher situation. According to Glassnode data, the average entry price for coins younger than 155 days has dropped sharply.

The short-term holder MVRV (Market Value to Realized Value) ratio measures how far recent buyers sit above or below their average entry price. On May 14, this reading was at 1.0298, but by September 3, it had risen to 1.1415, despite both dates sharing nearly the same price.

However, the implied cost basis tells a different story. It stood near $78,713 in May and has since dropped to around $71,188, a reset of roughly $7,500. This means that recent buyers now have a much narrower margin for error than they did in May.