Bitcoin pinned between $71,300 and $79,800 by on-chain cost basis
- —The lower bound of $71,300 is the average cost basis of actively circulating BTC supply
- —The upper bound of $79,800 is the invested capital level where holders who break even sell
- —A similar pattern appeared at the end of the 2023 bear market: two rejections before a breakout
- —The analyst notes that cost basis does not unambiguously determine price direction
Why it matters: Cost-basis levels define demand and supply zones: a break above $79,800 would open the way up, while losing $71,300 would intensify selling pressure.
Source: TokenPost