Bitcoin Falls Below $77.7K Support as Recent Buyers Go Underwater

Bitcoin is trading around $76,500, below the $77,700 realized price of investors who bought between one and three months ago. According to CryptoQuant’s Trader Onchain Realized Price Bands metric, this cohort has historically provided support during bull markets but can turn into resistance when buyers begin losing money and selling at breakeven.

The metric has been rising steadily while Bitcoin corrects, narrowing the gap between the market price and the cohort’s cost basis. BTC traded above the $77,700 level from Aug. 19 until slipping below it recently. The next lower price band represents an aggregate 12% loss and sits at $68,400. Bitcoin last breached that band in early June and traded as much as 12.6% below it during the following month.

Short-term holders are also approaching another key threshold. Entities that have held bitcoin for as long as 155 days without selling have an average cost basis of $75,832, meaning Bitcoin is approaching a level that has previously acted as support during uptrends and resistance during bearish reversals.

CryptoQuant contributor said the latest move underscores how short-term traders are sensitive to volatility. A sustained decline below $77,700 could encourage recently underwater buyers to exit if bitcoin returns to their average purchase price, potentially strengthening resistance at that level. The broader downside focus is now shifting toward the $68,400 lower band, although the short-term holder cost basis near $75,832 remains the immediate threshold to monitor.