Bitcoin Rebound Nears $85,000 Cost-Basis Resistance

Bitcoin briefly rose above $84,000 during Sunday’s trading session after falling toward $80,000 in last week’s selloff. The recovery brought the cryptocurrency close to the $84,000-$85,000 range, where investors hold the largest concentration of estimated acquisition costs.

CryptoQuant analyst J.A. Maartunn reported on Oct. 11 that a liquidity cluster had formed above Bitcoin’s market price. Traders also appeared to place buy orders below the market, providing support during the recovery. The spot bid-ask ratio, which compares visible buy and sell liquidity within 1% of the current price, rose to 0.3.

Data from Checkonchain, highlighted by analyst Darkfost on Oct. 11, indicated that about 53% of Bitcoin’s invested capital had an estimated acquisition price above $83,000 when Bitcoin traded near that level. The measure gives more weight to larger investments.

The largest concentration of estimated acquisition costs was between $84,000 and $85,000. Investors who bought in that range may be more likely to sell as Bitcoin approaches their purchase prices. A failure to move through the range could leave Bitcoin exposed to another decline, with $77,000 to $79,000 identified as a potential support area.

Ethereum also recovered above $2,500, trading at about $2,531.80 and gaining 1.28% over 24 hours in the data provided. The recovery came as derivatives data showed reduced bullish exposure among larger traders.

Alphractal CEO Joao Wedson reported on Oct. 10 that Ethereum’s 30-day and 180-day changes in futures open interest were negative. The platform’s Whale vs. Retail Delta indicator had also weakened. Wedson associated the readings with reduced bullish exposure and a greater preference for defensive or short positions among larger traders.

Ethereum still had about 10.58 million ETH in outstanding futures positions. At $2,500 per ETH, the positions represented roughly $26.5 billion in notional exposure. A decline could pressure leveraged long positions and trigger liquidations, while a sustained recovery could force short sellers to close their positions.