Sell-Side Pressure BTC Might Run Into
Figure 4 Bitcoin Entity Adjusted UTXO Realised Price Distribution. Source: Glassnode) As profit-taking pressure has moderated, price has been able to extend higher. However, this relief rally is now advancing into a structurally distinct supply regime. BTC has entered a zone dominated by recent top buyers, whose aggregate cost basis is tightly clustered between $92,100 and $117,400. According to the current UTXO Realised Price Distribution (see Figure 4 above), this cohort accumulated heavily near the cycle highs and held through the subsequent drawdown from the all-time high toward the $80,000 region, before participating in the ongoing recovery. This positioning introduces a growing layer of breakeven sell-side pressure. As price revisits these levels, many of these holders are regaining the opportunity to exit positions without crystallising losses, creating a natural source of overhead supply. As a result, upside progress is likely to encounter increasing friction within this band. For a sustained bullish phase to re-emerge, the market will need both time and depth of demand to absorb this distribution. Only once this overhead supply is sufficiently worked through, can price move decisively beyond the recent buyersʼ cost basis and establish a more durable upward trend.