The answer is not in the price itself, but in who accumulated at which levels.
Even though Bitcoin is trading around 87K, the real battle is happening at the cost bases of whales and Binance users.
The average cost basis of new whales (<155 days) is around 100.5K.
This zone represents a “break-even exit” area for large players who entered recently. That’s why every attempt above 100K is critical — only time will tell whether this level turns into distribution (profit protection) or fresh accumulation.
Binance Spot Users
The average cost basis of Binance spot users is approximately 56K.
This level represents the largest spot volume concentration in the market and could act as the “deep water” zone in a potential bear phase.
The cost basis of long-term whales (>155 days) sits near 40K.
This shows that LTH whales are still more than 2x in profit, which helps explain the recent increase in profit-taking activity — for many, “this profit is enough.”
✅ Conclusion
For Bitcoin, 100K is the key short-term resistance, while 56K marks the cold side of the water in the long run.
It’s not the price that defines the trend, it’s who bought, and at what level.
Written by burakkesmeci
