Bitcoin could face increased selling pressure from mid- and long-term holders as it approaches the $88,000 to $89,000 range, according to an on-chain analysis.

On October 2, on-chain analyst Darkfost wrote on X, formerly Twitter, that the average cost basis for holders who have held Bitcoin for 18 months to two years is about $88,350, while the average for six- to 12-month holders is about $89,200. As Bitcoin approaches the $88,000 to $89,000 range, selling pressure from mid- and long-term holders could increase, he wrote.

The idea is that as Bitcoin nears that range, the reaction of investors reaching their break-even point could influence market direction. Darkfost added that the six- to 12-month holder group, in particular, has been in a loss position on average for about a year, and some may have bought Bitcoin near the market peak.

Still, he said the range should not be definitively treated as a technical resistance level. Average cost basis is not in itself a support or resistance line, and should instead be seen as a risk zone where investor reactions can be observed, he wrote.

He added that less patient investors may exit near break-even, while others may buy more to lower their average purchase price. Such moves could shake Bitcoin's recent upward momentum.