Bitcoin struggles to regain momentum amid persistent overhead supply: Glassnode

Bitcoin's early January breakout attempt failed, with prices falling below $90,000 after encountering significant overhead supply near $98,000, which corresponds to the cost basis of recent buyers willing to sell into strength. Glassnode analysts noted this mirrors early 2022 behavior, where supply overhang from investors exiting positions near their entry range continues to constrain upside. While sell-side pressure has eased slightly, accumulation remains selective, and institutional/derivatives demand is thin, suggesting a low-conviction market. The pullback was exacerbated by renewed macro pressure and significant outflows from U.S. spot Bitcoin and Ether ETFs. Despite the dip, Glassnode views the current phase as a quiet base-building consolidation rather than a decisive breakdown, as investors await a clear catalyst to absorb the supply.

(Source：The Block)