In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear \u2013 or avoid breaking below \u2013 to sustain its bullish momentum.<\/p>\n
Bitcoin is beginning to show signs of newfound strength<\/a>, with the top digital asset surging nearly 3.5% over the past week and trading in the high $80,000 range at the time of writing. BTC\u2019s rise amid the global equity market downturn has reignited discussions about the cryptocurrency\u2019s potential to \u2018decouple\u2019 from traditional markets.<\/p>\n In a recent Quicktake post, CryptoQuant contributor Crazzyblockk outlined Bitcoin\u2019s various cost basis zones and realized price cohorts to identify key resistance and support levels.<\/p>\n The analyst noted that short-term holders \u2013 those who have held BTC for less than 155 days \u2013 currently have their realized price, or average cost, sitting at the $91,500 resistance level. Crazzyblockk added that this group tends to be the most price-sensitive.<\/p>\n On the other hand, the cost basis for new holders \u2013 those who have held the digital asset for one to three months \u2013 currently has its strongest support level around $83,700. The analyst pointed out that this level represents the cost basis of recent market participants, who often lead short-term trend changes.<\/p>\n To clarify, cost basis zones are price levels where a significant amount of BTC was last moved or acquired. A potential breakout above the short-term holders\u2019 realized price would suggest new bullish momentum, as these holders would be back in profit and less likely to sell their holdings.<\/p>\n Conversely, a break below the new holders\u2019 cost basis support level could signal potential downside movement, as recent buyers might begin incurring losses and be forced to capitulate.<\/p>\n Notably, each cost basis line highlighted in the chart below is calculated based on the realized price of Unspent Transaction Outputs (UTXOs) held within a specific age band. Similarly, realized price is determined by dividing the total value of all UTXOs by the number of coins.<\/p>\n Recent on-chain analysis suggests that BTC holders may be anticipating<\/a> further upside. Short-term holders appear to be holding<\/a> onto their BTC despite being in a loss position.<\/p>\n Additionally, crypto exchange net flow data hints<\/a> that a BTC price rally may be imminent. Some analysts are also drawing parallels to gold\u2019s recent historic price action and predicting<\/a> that \u2018digital gold\u2019 may soon experience similar momentum.<\/p>\nAre Investors Expecting Further Upside?<\/h2>\n