Three Indicators Suggest BTC Is Holding Strong Near $80,000

Onchain data suggests bitcoin has found strong investor support around the $80,000 level, as multiple cost basis metrics signal heavy demand and conviction.

BTC $87,263.65 has rebounded above $90,000, about 15% above its Nov. 21 low near $80,000. This bounce coincides with confluence 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. These levels highlight where investors are most likely to defend positions during market drawdowns.

The True Market Mean measures the average purchase price of recently active coins, filtering out dormant holdings. During the pullback, the TMM hovered around $81,000, acting as a clear support level. Bitcoin first moved above this threshold in October 2023 and has largely remained above it, underscoring its role as a structural bull market benchmark.

The U.S. spot ETF cost basis represents the weighted average price at which bitcoin has flowed into U.S.-listed spot ETFs. According to Glassnode, this level currently sits near $83,844 and has repeatedly provided support, including during the April tariff-driven selloff.

The 2024 yearly cost basis, tracking the average price of coins acquired and withdrawn from exchanges this year, stands near $83,000, per checkonchain. Historical trends show yearly cohort cost bases often serve as support during bull markets, and this metric reinforced demand during the recent pullback, mirroring its behavior in April.

Together, these metrics suggest that investor conviction remains strong around $80,000, providing a structural floor for bitcoin amid recent volatility.