Bitcoin Stuck in Cost Basis Battleground

CryptoQuant analyst Darkfost believes that Bitcoin is currently stuck in a trading range between $71,300 and $79,800. According to him, this range represents the 'active supply cost basis' (average circulating cost) and the 'contributed capital cost basis' (previous rejection point). The latter acts as resistance due to underwater coins exiting near breakeven. This scenario is reminiscent of the 2023 bear market, where BTC was rejected twice before breaking through these cost basis zones.

The $71,300 level serves as significant support for Bitcoin, while the $79,800 mark acts as resistance. Darkfost's analysis suggests that a trading range is forming around these levels, and subsequent market reactions are anticipated.