Bitcoin's recovery could stall at two cost-basis resistance levels, warns CryptoQuant analyst ShayanMarkets. Using realized price UTXO age band data, he found that holders who bought between one and three months ago carry an average cost of $67,000, while those who bought three to six months ago have an average cost of $72,000. Both exceed the current spot price near $65,000, implying that most recent buyers are currently at a loss. If the rally extends, these investors may sell as price approaches their entry points, creating selling pressure at the $67,000 level first. A second wall stands at $72,000, tied to the older cohort. The analyst argues that a decisive move above both realized price levels would show the market absorbing the overhang from recent purchasers, strengthening the case for sustained upside. Until then, resistance above remains significant. The comments come amid bitcoin trading around $65,000, with short-term holders in a state of unrealized loss. The analysis highlights the importance of on-chain cost distribution in assessing market dynamics.
Bitcoin’s push higher is running into two on-chain roadblocks, CryptoQuant analyst ShayanMarkets says. His focus: the average buy-in prices of newer holders, which could act as resistance.
Figures from realized price UTXO age bands show BTC investors who have held for one to three months carry an average cost basis of $67,000. The three-to-six-month group is sitting near $72,000. Both marks are above bitcoin’s spot price of about $65,000, which leaves those holders underwater on average.
The first wall is $67,000. It’s the closest level to where price is now. If this rebound keeps going, holders who are still in the red may decide to cut exposure around breakeven. Simple as that. That could add selling pressure. Then there’s $72,000, a second resistance level higher up.
ShayanMarkets said a move back above both realized price levels would show the market is absorbing possible sell orders from recent buyers. That would strengthen the recovery story. But until that happens, bitcoin is still dealing with heavy overhead resistance.
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