Bitcoin has soared past $90,000, yet CryptoQuant has highlighted the $62,000 level on Binance a key cost point that hasn’t been tested since the ETF era.
Bitcoin is back breaking through $90,000, but today, the focus is on $62,000. And it is not because the price of the leading cryptocurrency might drop there. The reason is that one of the most important on-chain metrics has resurfaced for the first time in months.
CryptoQuant analysts are discussing Binance’s Reserve Realized Price which represents the average purchase cost of Bitcoin stored in Binance wallets.
This figure has remained unchanged since the spot ETF approvals in early 2024. It climbed to $62,000 following significant institutional investments last year but then faded from market discussions as Bitcoin never approached that level again.
That quiet period ended today. With Bitcoin rising nearly 4% and testing local highs it’s no surprise this important level has resurfaced in the analysis. Historically the Binance threshold served as a support level acting as a floor during bear markets in 2022 and early 2023, when it stood at $42,000.
But in this cycle, the number changed, and the rules might have too.
Crypto winter talk is premature, for now
Bitcoin has never tested the $62,000 reserve cost since it emerged as the new post-ETF floor. All dips stopped short, but the metric has not moved. It remains untriggered and unvalidated but is now once again on the radar as a potential inflection point if the "crypto winter" continues.
This is not a Bitcoin price prediction of collapse. Rather, the market finally recognized a key point that has been hidden by all the price appreciation of the last two years. But keep in mind that the market loves testing the nerves of its participants and usually does it at such points as what $62,000 BTC represents.
