4M Bitcoin Bought Above $85K Could Cap Recovery: Glassnode

According to Glassnode analysis, approximately 4 million Bitcoin were acquired at prices exceeding $85,000, a factor that could potentially limit the scope of any future price recovery for the cryptocurrency. The report notes that Bitcoin's current trading value is closely aligned with the average purchase price of holders in U.S. spot Bitcoin ETFs. This market observation comes in the wake of the Federal Reserve's decision to maintain interest rates, underscoring the influence of macroeconomic policy on Bitcoin's market performance.