Bitcoin price threatens $77.7K support loss with recent buyers underwater

Bitcoin (BTC) risks turning $77,700 into new resistance as recent buyers fall into an aggregate loss, analysis warns.Key points:Bitcoin fell below $77,700, the cost basis of buyers from one to three months ago, which could now become new resistance.Profitability data emphasizes a support zone at $68,400, equivalent to a 12% net loss for those buyers.Bitcoin short-term holders face slipping into a net loss, with their cost basis at $75,832. Bitcoin’s $77,700 cost basis could become resistanceData from onchain analytics platform CryptoQuant shows that BTC/USD is now trading below the realized price, or cost basis, of investors who entered the market between one and three months ago. It defines this investor cohort as speculative traders who are thus more sensitive to short-term price volatility. Their cost basis historically formed upward-trending support during Bitcoin bull markets. “When BTC falls below this level, however, the same cost basis can later act as resistance as underwater traders use a return to breakeven as an opportunity to exit,” a CryptoQuant contributor said in Monday’s analysis.The cost basis, as measured by CryptoQuant’s Trader Onchain Realized Price Bands metri...