Crypto: Bitcoin 'roadmap To Bottom' Says $58.7k Binance Cost Basis Now Crucial

New Bitcoin price analysis set out key safety nets for bulls ahead of a potential showdown with Binance traders' aggregate deposit cost basis.

Bitcoin (BTC) has four new key support levels to watch as a fresh wave of bearish BTC price action aims to push the market price below $50,000.

Bitcoin’s realized prices remain important milestones as the market forms a long-term floor.

Binance users’ deposit cost basis is next up as a safety net, says analysis.

Realized losses reach levels unseen since the end of the 2022 bear market.

New analysis from Burak Kesmeci, a contributor to onchain analytics platform CryptoQuant, sees $58,700 as Bitcoin bulls’ next line in the sand.

“Which 4 levels am I watching in Bitcoin? 4 key realized price levels — essential for tracking the long-term trend in my view,” he wrote in one of CryptoQuant’s Quicktake blog posts on Wednesday, titled “Bitcoin’s Roadmap to the Bottom.”

Realized price refers to the aggregate cost basis of the BTC supply or a subset of it. When BTC moves onchain, its realized price becomes that at which it was last involved in a transaction.

Realized prices that involve larger groups of coins can often function as market support or resistance zones.

“Bitcoin has been dropping ever since it lost the New Whales' cost basis — a classic bear cycle signal,” Kesmeci noted.

Source: CoinTelegraph