Bitcoin Surpasses $90,000 with Strong Support Metrics
- Bitcoin’s price is currently at $90,378.26, reflecting a 15% increase from its low of around $80,000 on November 21.
- Key support levels identified include the True Market Mean at approximately $81,000, which has been crucial since October.
- The average U.S. spot ETF cost basis is around $83,844, providing additional support during recent market fluctuations.
- The yearly volume weighted cost basis for coins acquired in 2024 is near $83,000, further confirming demand in the current price range.
- These metrics indicate strong investor defense of positions in the $80,000 region during market corrections.
The confluence of these support levels suggests significant buying interest among investors at these price points, particularly around the True Market Mean and ETF cost basis metrics.
With Bitcoin bouncing off key support levels like the True Market Mean at $81,000 and ETF cost basis at $83,844, it highlights robust demand as it trades above $90,000.(Source)
