Glassnode Data Highlights $87,700 Cost Basis as Key Bitcoin Resistance Level

Glassnode on-chain data shows that recent Bitcoin buyers hold an average cost basis of approximately $87,700. As of October 21, 2026, Bitcoin was trading at $83,495, up 2.5% on the day, placing the estimated break-even price roughly 5% above the market. Over the prior 90 days, Bitcoin gained 27.7% amid ongoing accumulation from large wallet holders.

The $87,700 threshold has served as resistance on multiple recent occasions, with peaks recorded at $87,397 on September 21, $87,283 on September 23, and $87,249 on October 2. Market analysts note that investors who bought at these higher levels and sat at an unrealized loss may seek to exit their positions at break-even, creating potential overhead supply. Conversely, sustaining prices above this level could turn it into a support area.

However, the article highlights limitations in using this metric. The $87,700 figure represents an average rather than a single fixed sell point, masking a wider band of acquisition prices above and below that level. Furthermore, on-chain cost basis calculations do not account for off-chain trading occurring within centralized exchange order books.