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Bitcoin price threatens $77.7K support loss with recent buyers underwater

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Bitcoin price threatens $77.7K support loss with recent buyers underwater

Bitcoin fell below the realized price of the one-to-three-month-old buyer cohort in a move that risked flipping it to new resistance.

Bitcoin (BTC) risks turning $77,700 into new resistance as recent buyers fall into an aggregate loss, analysis warns.

Data from onchain analytics platform CryptoQuant shows that BTC/USD is now trading below the realized price, or cost basis, of investors who entered the market between one and three months ago.

It defines this investor cohort as speculative traders who are thus more sensitive to short-term price volatility. Their cost basis historically formed upward-trending support during Bitcoin bull markets.

“When BTC falls below this level, however, the same cost basis can later act as resistance as underwater traders use a return to breakeven as an opportunity to exit,” a CryptoQuant contributor said in Monday’s analysis.

The cost basis, as measured by CryptoQuant’s Trader Onchain Realized Price Bands metric, currently stands at $77,700, while BTC/USD trades at around $76,500.

“What is also notable is that the Trader Realized Price has been rising steadily while BTC has been correcting. The gap between price and the cost basis has now narrowed significantly,” the contributor added.

BTC/USD fell below the Trader Onchain Realized Price after trading above it since Aug. 19. The Price Bands include upper and lower trailing levels around the cost basis set at fixed profit and loss margins. The nearest lower band to the cost basis sits at a 12% aggregate loss, currently equal to $68,400. 6% below the band over the following month.


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