Bitcoin holds steady around the 2023 cost basis, echoing patterns seen in past cycles.

Onchain metrics highlight key support zones for bitcoin, with the 2023 investor cost basis acting as a crucial level and a deeper historical floor near $54,000.

Bitcoin recently rebounded off its realized price for the 2023 cohort—an indicator that reflects the average purchase price of coins acquired during that year. This level currently sits around $63,700. In early February, when bitcoin slid roughly 50% from its October peak to near $60,000, it tested this level and held, reinforcing it as a strong support zone.

This price behavior echoes patterns from the prior cycle. Throughout 2023, during the early stages of the bull run, bitcoin experienced several pullbacks and repeatedly found support at its realized price. Similar consolidations were seen in March, July, and September, when prices traded in the $20,000–$26,000 range.

More recent investor cohorts are now under pressure. The 2026 realized price started the year near $90,000 but has since declined to around $77,000. With bitcoin currently trading just above $70,000, these holders are underwater. Their cost basis has also dropped below that of 2024 investors at $81,500 and 2025 investors at $96,400.

Looking at the broader market, bitcoin’s aggregate realized price—representing the average cost basis across all circulating coins—is currently near $54,360. Historically, bitcoin has fallen below this level during every major bear market, including 2011, 2015, 2019, and 2022.

So far in the current cycle, bitcoin’s lowest price has been around $60,000. If that support level gives way, attention will likely shift to the aggregate realized price near $54,000 as the next major downside support.

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