Bitcoin is approaching a very critical 'break-even zone,' and the real test might just be starting. Glassnode data shows that there are currently two major groups of BTC holders still stuck at a loss: Bought 6–12 months ago: Average cost around $89,100 Bought 1–2 years ago: Average cost around $97,000 Now BTC has climbed back to $80,000+. What does this mean? The closer the price gets to $89K–$97K, the closer it is to the break-even zone for buyers from the previous cycle's peak. What's even more noteworthy is this chart below. The most active sellers recently are actually the ones who chased the rally back in 2025. As the price gradually approaches their cost basis, these coins are starting to move in large volumes. The psychology is pretty straightforward: "I’ve been stuck for so long, I’m finally about to break even—time to get out." So, I see $89K–$97K as a very important potential supply zone moving forward. But here’s another interesting phenomenon: Those who bought during the downturn are not selling at the same intensity. In other words, the market is undergoing a shift in ownership: High-price bag holders → Selling during the rebound Low-price buyers → Continuing to hold This is the key area to watch next. If BTC can absorb all the selling pressure from this break-even zone and eventually reclaim $89K, or even $97K, It’s not just about "the price recovering." It’s about— The market truly digesting the high-price bag holders from the previous cycle. A truly strong rally doesn’t mean there’s no selling pressure. It means: Everyone who wants to break even is selling, yet the price keeps climbing. The upcoming $89K → $97K zone might be the most critical battle for BTC in this cycle. Always back your analysis with your positions.