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BTC is trading above the $71,300 average purchase price of its active supply, a level that is acting as a key support line, on-chain analyst Darkfost said.
Darkfost described the active supply cost basis as a metric that calculates the average acquisition price of BTC actually circulating in the market, excluding coins that have not moved for a long period. Darkfost added that the metric also acted as support twice around the end of the 2023 bear market, suggesting investors could step in to defend their break-even level if BTC declines.