Bitcoin (BTC) is trading at $76,350, above cost-based levels for several key investors. The average holder value over a one-to-three-month period is $75,620, putting a gigantic proportion of recent buyers near breakeven, while the price sits just below the $76,700 cost basis of U.S. Spot Exchange Traded Funds (ETFs).
The short-term holder’s (STH) cost basis and adjusted realized price extend to either side of this range, increasing the importance of the $75,000 level as an inflection point for short-term support.
The cluster based on BTC costs tightens near $75,000
One- to three-month benefit holder cohorts have an average cost of $75,620. This level capped the price in early March when BTC fell to $62,000 from $75,600 in two weeks, but now represents a potential support turning point.
BTC realized price excluding deliveries lasting longer than seven years. Source: CryptoQuant
Bitcoin also closed above the adjusted realized price of $72,300. This metric tracks the average cost of acquiring the circulating supply, excluding coins held for more than seven years. A move above this value puts a gigantic portion of investors above the break-even point.
Crypto analyst Darkfost noted that the weekly close above the adjusted price realized on April 19 signaled stronger long-term investor confidence in Bitcoin. Analyst in addition,
“A truly bullish signal would be if Bitcoin starts to build a standard deviation above this average cost basis, pushing more investors into profit and encouraging them to hold on due to increased confidence.”
The positioning of US spot ETFs adds a level to the institutional cost base. The weighted average cost basis of U.S. spot Bitcoin ETFs is near $76,700, which puts the price near a key area of recent institutional accumulation. The short-term holder’s cost basis is near $81,800, which is a level where investors could gain more confidence if the price holds above that number.
Bitcoin cost basis for STH, US ETF and LTH. Source: CryptoQuant
Collectively, these overlapping cost bases total approximately $75,000, concentrating both realized and unrealized positioning into a narrow price range. This grouping increases price sensitivity to flows near this level, making it a key support zone.
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BTC liquidity bands define the short-term range
With the support level set at $75,000, derivatives data outlines a tight liquidity corridor. The cumulative risk for long liquidations is almost $74,000, with a risk of approximately $2.69 billion, while for brief liquidations of close to $80,000, the total risk is approximately $4.48 billion.
Bitcoin exchange liquidation map. Source: CoinGlass
The recent move between $77,873 and $74,868 on Wednesday cleared $494 million in positions, including $347 million in long positions.
CW cryptocurrency analyst he said Highly leveraged long positions have been reduced, while the larger brief liquidation pool exceeds $80,000. The $74,000 to $80,000 range continues to hold positioning, with both sides clustering around key cost base levels.
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