Onchain data shows bitcoin has found strong support around $80,000, with multiple cost basis metrics indicating robust investor demand and conviction.
BTC $87,263.65 has bounced above $90,000, roughly 15% higher than its Nov. 21 low near $80,000. The rebound 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 highlight where investors are most likely to defend positions.
The True Market Mean, which tracks the average price of recently active coins while excluding dormant supply, held near $81,000 during the pullback. Bitcoin first crossed this level in October 2023 and has largely remained above it, marking it as a key structural support.
The U.S. spot ETF cost basis, calculated from weighted inflows into U.S.-listed ETFs, currently sits near $83,844, according to Glassnode. This level has acted as support before, including during the April tariff-driven selloff.
The 2024 yearly cost basis, measuring the average price of coins acquired and withdrawn this year, stands near $83,000, per checkonchain. Historically, yearly cohort cost bases often serve as support during bull markets, and this metric reinforced demand during the recent pullback.
Together, these indicators suggest that investor conviction remains strong around $80,000, providing a solid floor for bitcoin amid recent volatility.
