Bitcoin appears to have found strong support around $80,000, as multiple onchain cost basis metrics signal robust investor conviction.
BTC $87,263.65 has rebounded above $90,000, about 15% higher than its Nov. 21 low near $80,000. This recovery coincides with support from three key metrics: the 2024 yearly volume-weighted cost basis, the True Market Mean (TMM), and the average U.S. spot ETF cost basis—levels that historically indicate where investors are most likely to defend positions.
The True Market Mean, tracking the average price of recently active coins and filtering out dormant supply, held near $81,000 during the pullback. Bitcoin first moved above this threshold in October 2023 and has mostly stayed above it, marking a key bull market floor.
The U.S. spot ETF cost basis, reflecting weighted inflows into U.S.-listed ETFs, currently sits around $83,844, according to Glassnode, and has acted as support during prior corrections.
The 2024 yearly cost basis, tracking the average price of coins acquired and withdrawn this year, stands near $83,000, per checkonchain, reinforcing the presence of strong demand.
Together, these metrics highlight investor conviction around $80,000, providing a solid structural floor for bitcoin amid recent volatility.
