These Three Metrics Show Bitcoin Found Strong Support Near $80,000 .
Onchain data shows multiple metrics confirm heavy demand and conviction around that price level.
What to know:
๐Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high.
๐The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
$BTC has so far bounced above $90,000, 15% higher from its Nov. 21 low of around $80,000, with price finding confluence
support across three important cost basis metrics:
๐The 2024 yearly cost basis, tracks the average price at whichcoins acquired in 2024 were withdrawn from exchanges .
CoinDesk Research the 2024 cost basis near $83,000, according to checkonchain, provided additional confirmation of demand, again was also seen as support during the April correction.
๐The True Market Mean, represents the average onchain purchase held by active market participants. It focuses on coins that have moved recently, filtering out long dormant supply, and therefore reflects the cost basis of investors who are most likely to trade.
During this pullback, the True Market Mean sat near $81,000 and acted as clear support. Notably, bitcoin first moved above this level in October 2023 and had not traded below it since .
๐The U.S. spot ETF cost basis reflects the weighted average price at which bitcoin has flowed into U.S. listed spot ETFs. This is calculated by Glassnode using the combined daily ETF inflows with the market price.
The average cost basis currently sits around $83,844, according to Glassnode, and bitcoin once again bounced off this level, which it similarly did during the April tariff-driven selloff.
AS PER ANALYSIS , BITCOIN HAS STRONG SUPPORT ON $80K RANGE .
WE WILL SEE ANOTHER CRASH .
WHAT DO YOU THINK?
