Looking at recent on-chain cost trends for Bitcoin, several price levels are particularly worth paying attention to.

First, the downside support. Long-term holders who bought 6 to 12 months ago have an average cost basis of around $101,000—this level is a pretty challenging hurdle for short-term market movements. Going further down, holders who bought 12 to 18 months ago have an average cost basis of about $81,700, forming a relatively solid support zone. Notably, investors who bought at the January high last year are still holding their positions to this day.

On the upside, the $114,650 region is a clear resistance. This corresponds to the cost basis of investors holding for 3 to 6 months. Once the price returns to this range, many might choose to reduce their holdings near breakeven, which could create selling pressure.

From these on-chain data, the distribution of holders across different stages remains quite balanced, and these cost basis zones will continue to play an important role in the short term.