Bitcoin Trading Below Multiple On-Chain Cost Metrics: Here's What Support Levels Matter

On-chain analysis reveals that Bitcoin is currently trading below several key cost basis metrics that investors closely monitor for support zones. The short-term holder cost basis sits at $90,900, while the average cost for active investors stands at $88,100 — both now acting as resistance points rather than support floors for the current market structure.

The technical picture becomes more complex as we move down the price ladder. The next significant benchmark is positioned at $81,700, representing the true market average price derived from all historical transactions on-chain. This level has gained increased attention as a critical support floor that could provide meaningful foundation if selling pressure continues.

Beyond these intermediate support zones, traders are watching the realized price metric at $56,400, which serves as the longest-term reference floor for the entire Bitcoin market cycle. This level represents the average acquisition cost across all coins ever moved on the blockchain, providing historical context for extreme downside scenarios.

Understanding these layered support metrics helps market participants gauge potential capitulation points and key price zones where buying interest might emerge. Each indicator serves a different purpose in the on-chain analysis toolkit — from near-term trading support to long-cycle investment benchmarks.