Bitcoin is trading around $110,000, extending its pullback from record highs above $124,500, with cost bases of recent buyers increasingly under pressure.
Glassnode noted in its weekly report that short-term holders are struggling, with realized prices for 1-month ($115,300) and 3-month ($113,700) coins now overhead. The 6-month realized price at $107,440 remains a key support level.
“Any relief rally is therefore likely to encounter resistance, as short-term holders seek to exit at breakeven,” Glassnode said.
CoinDesk Research flagged additional stress points, pointing to the short-term holder realized price above $108,500 — where BTC bounced on Aug. 26 — and the 2025 realized price just above $100,000, which could form a crucial psychological barrier if declines deepen.
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