These Three Metrics Show BTC Found Strong Support Near $80,000

Bitcoin has recently bounced above $90,000, recovering 15% from its November low near $80,000, a level confirmed as strong support by three key on-chain cost basis metrics. The first metric, the True Market Mean, which reflects the average purchase price of actively traded coins, held near $81,000. Second, the average cost basis for U.S. spot Bitcoin ETFs sits around $83,844, which also acted as a floor during the recent pullback, similar to an earlier April selloff. Finally, the 2024 yearly cost basis, tracking coins acquired in 2024, provided additional confirmation near $83,000. The confluence of these metrics highlights significant investor conviction and demand concentrated in the $80,000 region.

(Source：CoinDesk)