Bitcoin Breaks Through $85,000, Eyes $90,000 to $100,000

Bitcoin has broken through the key resistance level of $85,000, setting its sights on a potential range of $90,000 to $100,000. However, this area is a sensitive zone where historically high valuations and leverage liquidation risks converge.

Improving on-chain structure is driving the rebound, with the dissipation of selling pressure and concentrated accumulation behavior at the core. CryptoQuant analyst Darkfost pointed out that the average cost basis for holders who purchased Bitcoin 18 months to 2 years ago is approximately $88,350, while the average cost basis for those who purchased 6 to 12 months ago is around $89,200.

At the institutional valuation level, Bitwise offers a clear reference coordinate, with Bitcoin returning to key cost basis levels. The next short-term holder reference level is around $90,000, and the next level up, at two standard deviations, is around $95,000.