Glassnode: Bitcoin Supply Overhang Above $80,000 May Need To Shift Lower

Glassnode lead research analyst CryptoVizArt said in a post on X that Bitcoin may struggle to sustain a recovery unless supply concentrated near prior highs moves to lower cost bases. The analyst pointed to Cost Basis Distribution data showing heavy supply between $80k and $126k, with an area approaching 495,000 BTC sitting above $80,000. Bitcoin fell to $59,000 last week and later traded around $63,200 on Monday.