According to Coindesk, Bitcoin has bounced above $90,000, 15% higher from its Nov. 21 low of around $80,000, with price finding confluence support across three important cost basis metrics: the 2024 yearly volume weighted cost basis, the True Market Mean, and the average U.S. spot ETF cost basis. These metrics indicate where investors are most likely to defend positions during drawdowns. The True Market Mean, which reflects the average onchain purchase price of Bitcoin held by active participants, sat near $81,000 and acted as clear support. The U.S. spot ETF cost basis, calculated using daily inflows and market price, currently sits around $83,844 and also served as a support level. The 2024 yearly cost basis, near $83,000, provided further confirmation of demand during the recent pullback.
Bitcoin Finds Strong Support Near $80,000 Amid Three Key Metrics
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Summary
Bitcoin rebounded above $90,000, 15% higher than its Nov. 21 low near $80,000, with **network metrics** showing strong confluence at key **support level**s. The 2024 yearly volume weighted cost basis, the True Market Mean, and the U.S. spot ETF cost basis all clustered around $81,000–$83,844, reinforcing buying interest. The True Market Mean, reflecting onchain purchase prices, acted as clear support near $81,000. The U.S. spot ETF cost basis, at $83,844, and the 2024 yearly cost basis, near $83,000, confirmed demand during the pullback.
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