Bitcoin Holds Between $71,300 Support and $79,800 Resistance

Bitcoin (BTC) is moving within a price range of $71,300 to $79,800, according to analysis. The lower bound may act as support while the upper bound could serve as resistance. Darkfost analyst stated on X that Bitcoin has been trapped in this range, with Odealy reporting the same details on the afternoon of the 17th (KST). Bitcoin is currently trading above the $71,300 'active supply cost basis,' which represents the average acquisition cost of Bitcoin actively circulating in the market, excluding long-term holdings. This metric aligns with CryptoQuant's explanation of cost basis. Darkfost suggests this price level could become a significant support zone for the market. Meanwhile, $79,800 is presented as the 'capital investment cost basis.' Bitcoin has repeatedly been stalled at this level before, and some investors who were in loss positions are now nearing breakeven, potentially leading to selling pressure. Darkfost noted that similar patterns occurred during the late bear market of 2023, where Bitcoin faced resistance twice before breaking through a related cost basis range. However, the analyst cautioned that the cost basis alone cannot determine price direction and that whether Bitcoin breaks below $71,300 or surpasses $79,800 will depend on future price movements.