Bitcoin's Bull Trend Relies on Support at Key Cost-Basis Level

Bitcoin's price has been trading above several key investor cost-basis levels, including $75,000, which is emerging as a crucial pivot point for the current bull trend. According to CryptoQuant data, the one-to-three-month holder average cost basis sits at $75,620, placing a large share of recent buyers near breakeven or already in profit.

The short-term holder (STH) cost basis and adjusted realized price extend on either side of this range, increasing the importance of $75,000 as a support zone. Additionally, Bitcoin has closed above the adjusted realized price at $72,300, which tracks the average acquisition cost of circulating supply excluding coins held for more than seven years.

The US spot exchange-traded fund (ETF) positioning adds an institutional cost basis level near $76,700, placing the price close to a key area of recent institutional accumulation. The clustering of cost bases around $75,000 increases price sensitivity to flows near this level, making it a critical support zone.