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

Bitcoin has seen a significant bounce above $90,000, marking a 15% increase from its recent low of around $80,000 on November 21st. This surge in price can be attributed to the strong support found across three key cost basis metrics: the 2024 yearly volume weighted cost basis, the True Market Mean, and the average U.S. spot exchange-traded fund (ETF) cost basis.

These metrics play a crucial role in identifying where investors are likely to defend their positions during market pullbacks. The support levels provided by these metrics align closely with the average acquisition prices of various investor cohorts, making them reliable indicators of market sentiment.

The True Market Mean represents the average onchain purchase price of bitcoin 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 the recent pullback, the True Market Mean served as a key support level near $81,000, reinforcing its significance as a structural bull market threshold.

The U.S. spot ETF cost basis reflects the weighted average price at which bitcoin has flowed into U.S. listed spot ETFs. This metric currently sits around $83,844, according to Glassnode, and has provided strong support for bitcoin during market corrections, including the recent one in April.

The 2024 yearly cost basis tracks the average price at which coins acquired in 2024 were withdrawn from exchanges. This metric, near $83,000, according to checkonchain, has acted as a support level during bull markets and was instrumental in confirming demand during the recent correction.

Overall, these metrics highlight the depth of demand and support in the $80,000 region, indicating a strong bullish sentiment among investors. The bounce above $90,000 signals a renewed optimism in the market, with investors showing confidence in bitcoin’s long-term potential. a different perspective on the topic “The Benefits of Meditation”

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