Bitcoin’s annual buyer cohorts, along with investors in U.S. spot bitcoin ETFs, highlight several price levels that could become important support or resistance zones as BTC trades below $84,000.
Checkonchain data shows that investors who purchased bitcoin in 2025 are the only yearly cohort still sitting at an unrealized loss. Their average cost basis is roughly $88,000, making that level a potential resistance zone as recent buyers could use a move back toward their entry price to sell.
Bitcoin climbed to a September high of around $87,500 before entering a period of sideways trading and later falling below $84,000 on Wednesday.
Throughout the current market cycle, the volume-weighted average cost bases of yearly buyer groups have repeatedly served as key technical levels. As BTC approaches the price at which a cohort bought, some holders may sell to recover their initial investment, while others may use the level to accumulate more bitcoin.
Bitcoin reached approximately $82,100 in May, around the average cost basis of the 2024 buyer cohort. The level initially acted as resistance, sending BTC back toward $60,000. Bitcoin eventually reclaimed the zone in August.
The 2023 cohort, meanwhile, has a cost basis of roughly $65,000 and has repeatedly acted as support. When bitcoin approached $60,000 in February, the cohort’s average purchase price was also close to that level. It remained broadly supportive during the 2026 bear market, although BTC briefly dipped underneath it.
The 2026 buyer cohort has an average cost basis near $73,500. These investors have generally remained in profit since late August, when bitcoin moved above their average purchase price.
Another closely watched level is the cost basis of U.S. spot bitcoin ETF investors, which reflects the average price of deposits made into the funds. That figure currently stands near $82,300.
ETF holders only recently moved back into profit for the first time this year, making the $82,300 level a potential area of support if bitcoin extends its decline.
