Darkfost said on X that Bitcoin is approaching the average cost basis of two holder groups. According to ChainCatcher, the estimated cost basis for investors holding for 18 months to 2 years is about $88,350, while the cost basis for investors holding for 6 to 12 months is about $89,200.

Darkfost said cost basis reflects the average holding cost of a group and is not inherently a support or resistance level. As price moves closer to this range, investor behavior may change, making the area a potential risk zone. He added that the 6-to-12-month holder group has been broadly underwater for nearly a year, with some investors possibly buying near market highs, some likely to sell once they break even, and others potentially continuing to buy to lower their average cost.