In the past few cycle phases, observing the changes in the relationship between cost basis and price behavior has been one of the best perspectives for identifying BTC bottoming structures.



The logic is that when the price enters a certain cost range of a BTC holder group, the price movement behind it reflects the behavior of that group. Is it "running away first" or "holding on"?

If it's the former, the price will encounter resistance near the cost line; if it's the latter, the price can smoothly break through the cost resistance. If the price fluctuates around the cost line, it indicates that the market is repeatedly entangled and engaged in a tug-of-war.
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