On December 15, as Bitcoin underwent a phased pullback and quickly stabilized, ZFX Securities noted that the resilience displayed around the $80,000 level was not coincidental but rather supported by multiple on-chain and capital structure indicators. From a market structure perspective, this zone has gradually evolved into a critical defensive range for mid-term price movements.
From an on-chain cost distribution standpoint, the true market average remained stable near $81,000 during this adjustment. ZFX Securities highlighted that this metric focuses on active positions, providing a more accurate reflection of short-to-medium-term traders' psychological cost basis. Bitcoin has consistently traded above this level since breaking through it last year, and the recent retest without a breakdown has reinforced market consensus on the core bullish range.
Meanwhile, the cost basis of U.S. spot ETFs has also formed effective support around $83,000. ZFX Securities indicated that this data represents institutional investors' average entry range, where defensive actions tend to be more sustained. During April's volatility, this cost level was validated as strong support and has once again proven effective, demonstrating ETF holders' continued confidence in the current price range.
From an annual structural perspective, the 2024 cost basis is similarly concentrated near $83,000. Annual cost lines typically represent the overall breakeven zone for newly added positions in a given year, often forming collective market support during upward cycles. ZFX Securities emphasized that when multiple cost indicators converge in the same range, it signals substantial demand depth and risk absorption capacity at that price level.
Further analysis shows Bitcoin rebounding over 15% from its lows to surpass $90,000, reflecting synchronized recovery in market sentiment and risk appetite following confirmation of key support. ZFX Securities noted that such cost-driven rebounds generally exhibit sustainability, helping stabilize mid-term trend expectations.
Integrating multiple on-chain metrics and capital cost structures, ZFX Securities concluded that the $80,000–$84,000 range has become a significant structural support band. Barring major macroeconomic or liquidity shocks, this zone is expected to serve as the primary defensive line during price retracements, providing foundational support for future market movements.
About ZFX Securities: ZFX Securities (ZFX), a global multi-asset fintech service brand under Zeal Group, offers retail and institutional clients CFD trading across forex, commodities, indices, equities, and cryptocurrencies. With core strengths in rigorous regulation, technology-driven solutions, and global presence, ZFX Securities is committed to becoming the world's most trusted online trading service provider.