Onchain data indicates that bitcoin has found strong support near $80,000, with multiple cost basis metrics signaling heavy investor demand and conviction.
BTC $87,263.65 has rebounded above $90,000, roughly 15% above its Nov. 21 low near $80,000. The recovery aligns with three key support levels: the 2024 yearly volume-weighted cost basis, the True Market Mean (TMM), and the average U.S. spot ETF cost basis—areas where investors are most likely to defend positions during pullbacks.
The True Market Mean, tracking the average purchase price of recently active coins while excluding dormant holdings, held near $81,000 during the recent dip. Bitcoin first crossed this level in October 2023 and has largely stayed above it, marking it as a structural bull market floor.
The U.S. spot ETF cost basis, reflecting weighted inflows into U.S.-listed ETFs, sits around $83,844, according to Glassnode. This level has provided support in previous corrections, including the April tariff-driven selloff.
The 2024 yearly cost basis, measuring the average price of coins acquired and withdrawn this year, currently sits near $83,000, per checkonchain, further confirming investor demand.
Together, these metrics suggest strong conviction around $80,000, providing a robust floor for bitcoin amid recent volatility.
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