Bitcoin shows solid support around $80,000 (BTC up?)

Hey folks, Onchain metrics are indicating strong demand and confidence among investors at the $80,000 price point. After taking a noticeable dip from its all-time high in October, Bitcoin has made a comeback from the $80,000 area, staying above the average entry points of key indicators. Plus, the alignment of the True Market Mean (TMM), U.S. ETF cost basis, and the 2024 yearly cost basis in the low $80,000 bracket really emphasizes this zone as a critical support area. So far, BTC has jumped above $90,000, which is about a 15% increase from its low around $80,000 on November 21. The price is finding strong support at three vital cost basis metrics: the TMM, the average U.S. spot ETF cost basis, and the 2024 yearly volume-weighted cost basis. TMM Explained First up, the TMM gives us the average onchain purchase price of BTC held by active traders. It’s focused on coins that have been traded recently, which removes those that have been sitting idle for a long time. This means it shows the cost basis of those who are likely to make moves in the market. During the recent dip, the TMM hovered near $81,000, acting as clear support. Average U.S. Spot ETF Cost Basis Next, the U.S. spot ETF cost basis shows the weighted price at which BTC has entered U.S.-listed spot ETFs. Right now, the average cost basis is around $83,844, and Bitcoin has bounced off this level once again, similar to what happened during the April selloff. 2024 Yearly Cost Basis Finally, the 2024 yearly cost basis measures the average price...

hmm 80k price and the s21xp lets look at the miners angle at 90k he gets 3.78 cents x 270= $10.26 at 80k he gets 3.33 cents x 270 =   $9.07 both cases he burns 87.6 kwatts 10 cent power = $8.76 burned so at 90k he makes a mere 10.26-8.76=$1.50 at 80k he makes a smaller   9.07-8.76= $0.29 I would say most mining is commercial and maybe 6 cents is what they pay. so maybe $5.25 burn for the s21xp and a gross profit of $5.01 for the 90k price and a gross profit of $3.82 for the 80k price. I know there are s21pros and s21 plus units running so you can see for mining at commercial levels 80k is barely ok. I wonder if we drop to 65k how long does it take to shake a lot of miners out.

I am thinking more about history, past market cycles, past Bitcoin corrections from ATHs to bottoms, as main parts of my accumulation plan for the coming bear market. I understand that I can not time the market, can not identify the market bottom but I make my plan for DCA accumulation and also reserve a fund for intensive purchases around bottom price area. That bottom fund will be used together with another fund for DCA and around bottom area, I will start to use it for purchasing bitcoins. I think in this bear market, Bitcoin will be corrected about 55% to 65% or maximum 70% from ATH and my bottom DCA purchases will start when Bitcoin price falls to about $60k or $57k.

We are soon going to find out about this, especially now when the selling pressure is high. I am a bit certain that before we even see Christmas, the price might tumble past $80K, maybe towards the $74-75K region. I don't if we shall have that full-blown bear market that we used to have in the past cycles now that we have new players in the game that keep buying those lows every time BTC tries to drop, but I don't think $80k will hold for long.

We've already lost at least 30% from the ATH. By the looks of it, there are more downward movements in the coming months. It seems the new players who are buying the lows couldn't absorb the entire pressure. I'm bracing for around 60% correction. The bulls are barely breathing. Saylor's almost $1 billion purchase yesterday even failed to resuscitate them, didn't even trigger a short green. I'm a bit curious though because I've read around 3 days ago that exchanges' supply has registered a new low. Could it be that OTC supply is overflowing?

The bounce back at $85,000 indicates weak support, and Bitcoin was only able to test $90,000 for a relatively short time. Now is the moment that could create price consolidation around $90,000. We may see Bitcoin unable to break above $100,000 by the end of this year. Some events influencing Bitcoin's upward trajectory may appear less consolidative, allowing downward momentum to remain strong enough to push the price to a certain point. As for the exact price, it may be difficult to predict, as Michael Saylor's large purchase also does not indicate a strong consolidation for Bitcoin support to recover, and we may see Bitcoin price continue to test key structural support zones in the coming days or weeks before the new year.

Honestly the current market exhibition feels disappointing as based on the 4 years post halving. What the market is referencing is just unusual and analysts keep getting the market wrong on tracks as the market posses trajectory different benchmarks and so on, perching on different support levels in a correction dimensions of which we can not even give adequate analysis about the phase of volatilities. I also think the market would had be weakened worse than it is with the 30% dropped from the ATH but is being energized with the continues aggressive buying of institutions. I am still optimistic that the market will recover and the bull will do it justice based on the next in line (bullishness) attributes after posts halving events. So as we are still not sure if we are still in the bull or not, if it could fall to 60% then I assume all hope of the bullishness is gone and take it with faith that we have gone bear.

Why are you disappointed? Bitcoin rose from around $16K from the previous bear market to $125K, How much is that in terms of percentage increase and how many coins have been able to do that? There is still time for the drop. Bear market just doesn't happen overnight. Give it until the end of next year to realize what is going on.

Same as philip, wondering when miners start saying enough is enough. Just maybe I was even thinking that would not be 65k. They will be the true markers for me every time of just what true support is. Cal it unscientific but that's simplest logic for me, usually.

Most small scale miner are either out of the game already or are about to give up. Others are probably just doing it for the love of Bitcoin or as a hobby. Mining has mostly gone to large scale companies unfortunately where they get cheap land, lower industrial electric tariffs, reduced cost of mining equipment since they preorder or buy in bulk, reduced taxes/tax cuts among other things I saw a story of how large scale miners are acquiring large pieces of cheap land in Texas which means that it's still good business for them as of now until it is not maybe sometime in the future