Last Year's Bitcoin Rally Investors Unload Coins Amid Break-Even Pressure

Bitcoin investors who bought into the cryptocurrency during last year's rally are selling more coins per day than at any other point this year, according to on-chain analytics firm Glassnode.

The firm grouped holders by when they bought and calculated each group's average cost basis. Buyers from one to two years ago have an average cost basis of around $97,000, while those who bought during the six-to-twelve-month period have a basis of approximately $89,000.

Both groups are holding at a loss, as Bitcoin's current price is below their buying prices. A weekly close above $87,500 would be necessary for a strong rally, according to analyst Ted Pillows, who stated that without it, there's a decent chance of a correction below $80,000.