#比特币2026年行情展望 BTC on-chain cost basis insights | Observation on January 18

**The Bull's Ceiling**
The group that followed the trend from June to December last year has a cost basis around $101,000. This level acts like a nail—short-term rallies could see these holders becoming the main force to take profits.

What about those with deeper positions? Investors holding for over 12 months have an average cost of about $81,700, a solid line that indicates a stable fundamental base.

And the recent high-buyers—those who jumped in around the January early high—are still holding on, hoping for the break-even moment.

**Upward Pressure**
Be cautious around $114,650. This is the concentration zone of short-term traders holding for 3 to 6 months. Once the price surges back to this level, you'll see a flood of profit-taking orders—reactions near cost basis are often the most intense.

$BTC $ETH $SOL