Bitcoin Faces Selling Pressure Near $87,000 as ETF Cost Basis Sits at $81,500

Bitcoin (BTC) was at $80,380 at 10:39 a.m. ET (14:39 UTC) on Oct. 28. Cost bases for investors who bought in the past two years are concentrated at $87,000 and above, a range that capped two rebounds this year. Selling around that range checked both rebounds. Each was followed by a pullback of at least 25%. The $87,000-and-above range reflects the cost bases of investors who bought Bitcoin during the past two years. Bitcoin ETF holders have an average cost basis of about $81,500.