Bitcoin Price Holds Above $90,000 as Key Cost Basis Metrics Signal Strong Support

Bitcoin (BTC) has shown notable resilience, holding above the $90,000 level after rebounding more than 15% from its Nov. 21 low near $80,000. This recovery highlights strong underlying demand, as the price found confluence support around three critical cost basis metrics closely watched by investors and analysts: the True Market Mean, the 2024 yearly volume-weighted cost basis, and the average U.S. spot Bitcoin ETF cost basis.

These metrics are widely used to identify price zones where market participants are most likely to defend their positions during corrections. In this case, all three aligned tightly in the $80,000–$84,000 range, reinforcing it as a major support zone during the recent drawdown. This alignment suggests that multiple investor cohorts share similar average acquisition prices, increasing the likelihood of buying pressure when Bitcoin revisits these levels.

The True Market Mean, which reflects the average on-chain purchase price of actively traded Bitcoin while excluding long-dormant coins, played a particularly important role. During the pullback, this metric sat near $81,000 and acted as firm support. Bitcoin first reclaimed this level in October 2023 and has not traded below it since, underscoring its significance as a key structural threshold in the current bull market.

Meanwhile, the average U.S. spot Bitcoin ETF cost basis, calculated by Glassnode using weighted ETF inflows and market prices, stands around $83,844. Bitcoin recently bounced from this level, mirroring price behavior seen during the April tariff-driven selloff, and signaling continued confidence from institutional investors.

Additionally, the 2024 yearly volume-weighted cost basis, which tracks the average price of coins acquired this year and withdrawn from exchanges, sits near $83,000. Historically, yearly cohort cost bases have acted as strong support during bull markets, a pattern that once again held during the April correction.

Together, these indicators point to deep, layered demand in the $80,000 region, helping explain Bitcoin’s ability to stabilize and rebound, and reinforcing the strength of its broader bullish trend.