Bitcoin Stalls at Resistance as Long-Term Holders Weigh In

Bitcoin has continued to recover from its mid-year weakness, outperforming major traditional assets over the past month. According to Glassnode, BTC gained 23% over the past 21 trading sessions, while the S&P 500 and Nasdaq 100 were broadly flat and the Euro Stoxx 50 declined.

The move puts Bitcoin at the top of the seven assets the analytics firm tracked over that period. However, despite outperforming major assets, Bitcoin's recent rally has struggled to break through the $83,000 to $86,000 resistance zone, which is the cost basis of most long-term holders (LTHs).

Glassnode's Long-Term Holder Cost Basis Distribution shows that investors acquired roughly 1.07 million BTC between $83,000 and $86,000, with most of those tokens held by long-term holders.