Three Key Metrics Indicate Strong Support for Bitcoin Near $80,000
Onchain data reveals significant demand and investor confidence around the $80,000 price level for Bitcoin, as evidenced by the convergence of three important cost-basis metrics. These metrics include the True Market Mean, U.S. spot ETF cost basis, and the 2024 yearly cost basis.
Bitcoin's price is currently around $90,164, marking an increase of approximately 15% from the November 21 low near $80,000. The True Market Mean has remained close to $81,000 during the pullback and has not fallen below this threshold since October 2023, indicating a structural bull-market support level.
The ETF cost basis, as reported by Glassnode, stands near $83,844. Notably, the Bitcoin price has rebounded from this level, mirroring patterns seen during the April tariff-driven selloff. Additionally, the 2024 yearly cost basis, according to Checkonchain data, is near $83,000 and previously served as a support point during the April correction.
The alignment of these three metrics around the low $80,000 range highlights a deep and durable demand zone, signifying major support for Bitcoin. These indicators also point to price levels where investors are likely to defend their holdings during market downturns.
