Bitcoin’s yearly buyer cohorts and U.S. spot ETF holders are creating a framework of potential support and resistance as BTC remains below $84,000.

Checkonchain data indicates that the 2025 buyer cohort is the only annual group still holding bitcoin at an unrealized loss. Its average cost basis is approximately $88,000, which could become a significant resistance level if recent buyers look to exit around breakeven.

Bitcoin rose to about $87,500 in September before entering a sideways phase and eventually declining below $84,000 by Wednesday.

The average, volume-weighted purchase prices of yearly buyer cohorts have repeatedly influenced bitcoin’s price throughout the current cycle. When BTC approaches one of these levels, investors may either sell their holdings to recover their initial capital or increase their exposure.

The 2024 cohort has an average cost basis of roughly $82,100. Bitcoin reached that price in May but was unable to push higher, subsequently retreating toward $60,000. The cryptocurrency eventually broke above the level in August.

The 2023 cohort’s average cost basis is currently near $65,000 and has served as a recurring support area. When bitcoin moved toward $60,000 in February, the cohort’s cost basis was also around that region. The level generally held during the 2026 bear market, although BTC briefly traded below it.

The 2026 cohort has an average purchase price of approximately $73,500. Investors in this group have mostly remained profitable since late August, when bitcoin moved above their cost basis.

U.S. spot bitcoin ETF investors have another closely watched cost-basis level at around $82,300. This figure represents the average price of deposits made into the funds.

ETF holders only recently moved back into profit for the first time this year. That makes $82,300 a potential support zone if bitcoin continues to move lower.