BTC at key $68K level that could determine next move, says analyst

Bitcoin is trading near $68,000, a key level that will determine its future direction, according to on-chain analyst Axel Adler Jr. In a blog post, he explained that this price point represents the average cost basis for whales holding between 100 and 1,000 BTC, serving as a psychological support line. Adler identified resistance at $80,000, the average cost basis for U.S. spot Bitcoin ETF investors, with a lower support level at $47,000, the realized price for addresses holding 10 to 100 BTC. He noted that the market has been range-bound over the past month, and the realized price for major buyers has slightly decreased, suggesting they have been averaging down rather than being driven by strong new demand. If Bitcoin maintains its current price range, it could test resistance at $75,000 and $80,000, buoyed by psychological relief among large holders. However, a break below this level would worsen the market structure and increase the risk of a further decline, he added.