Analysis: In 2025, the overall group of Bitcoin buyers is still in unrealized losses, and $88,000 may become a key resistance level.

October 7 — Investors who bought Bitcoin in 2025 are currently the only annual buying cohort still overall in unrealized loss, with an average cost of about $88,000. Bitcoin rose to $87,500 in September, then moved sideways and fell below $84,000 on Wednesday. As some more recent buyers may choose to sell when they break even, $88,000 could become a key resistance level.

Annual volume-weighted cost has repeatedly formed support or resistance during this cycle. Bitcoin rose to about $82,100 in May, where it stalled after hitting the average cost of the 2024 buying cohort, then fell to $60,000 and did not break above that level until August. The 2023 buying cohort's current average cost is about $65,000, which generally acted as support during the 2026 bear market, although price also briefly fell below it.

The 2026 buying cohort's average cost is about $73,500, and it has been in profit for most of the time since Bitcoin broke above that level in late August. The average cost of U.S. spot Bitcoin ETF inflows is about $82,300, and its investors only recently returned to overall profit for the first time this year; that level may become a support if there is a further pullback.