#美国核心物价涨幅不及市场预估 Bitcoin Holding Cost Map | January 18 Observation|

How do we view the current situation? Let's analyze it from on-chain data.

**Support levels below**

Those who entered 6 to 12 months ago have an average cost basis around $101,000. These investors hold quite a few chips, and once the price approaches this level, they may feel some pressure to sell. This can be seen as a hurdle that a short-term rebound needs to break through.

Further down, investors holding for 12 to 18 months have a cost basis of about $81,700. This level represents a relatively solid bottom. Although the price is still quite far from here now, these long-term players are unlikely to sell easily, which provides psychological support for the market.

Additionally, those who bought near the January high are still holding on tightly, giving the market some resilience.

**Resistance levels above**

Pay attention to the $114,650 level. Investors who bought 3 to 6 months ago have a cost basis around this area. Once the price rebounds to this zone, many will consider whether to sell some assets near the breakeven point. This could create some selling pressure.

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On-chain holding cost data remains a valuable reference, helping to understand the psychological expectations at various price levels.