Bitcoin’s yearly buyer groups and U.S. spot ETF holders are highlighting several price levels that could influence BTC’s next move as the cryptocurrency trades below $84,000.
Checkonchain data shows that the 2025 buyer cohort is the only annual group currently underwater. These investors have an average purchase price of about $88,000, creating a potential resistance level as some recent buyers could sell if bitcoin returns to their breakeven point.
Bitcoin reached a monthly high of approximately $87,500 in September before consolidating and later falling below $84,000 on Wednesday.
Annual volume-weighted cost bases have repeatedly acted as important support and resistance throughout the current cycle. When BTC approaches a cohort’s average entry price, holders may either sell to break even or use the level as an opportunity to add to their positions.
The 2024 cohort’s average cost basis is around $82,100. Bitcoin reached that level in May but failed to break through it, eventually falling toward $60,000. BTC later moved above the level in August.
For the 2023 cohort, the average cost basis is currently about $65,000. That level has repeatedly provided support. During bitcoin’s move toward $60,000 in February, the cohort’s cost basis was also close to $60,000. It broadly held as support throughout the 2026 bear market, despite a brief move below the level.
Investors who bought bitcoin in 2026 have an average cost basis of roughly $73,500. The group has largely remained profitable since late August, when BTC climbed above that threshold.
The U.S. spot bitcoin ETF cohort is another key level to monitor. Its average cost basis, based on deposits into the funds, is currently around $82,300.
ETF investors only recently returned to an overall profit position for the first time this year. As a result, the $82,300 cost basis could become an important support area if bitcoin comes under additional selling pressure.
