Bitcoin Tests $77,100 Support as Short-Term Trend Hits Inflection Point: Analysis

Bitcoin is nearing the average purchase price of recent market participants, placing the token at a key inflection point for its short-term price trend, according to an analysis.

CryptoQuant contributor Trader_Gemini wrote on November 2 that Bitcoin’s trader on-chain realized price stood at $77,140 as of November 1. Bitcoin was trading at $77,880 at that time, slightly above the average purchase price.

The trader on-chain realized price measures the average acquisition cost of Bitcoin that last moved within the past one to three months. The metric is used to assess whether more recent market entrants are sitting on gains or losses. As the market price approaches that level, it can also help gauge changes in buying and selling pressure.

Trader_Gemini said the indicator had acted as a major support level in past bull markets. When Bitcoin trades above the average purchase price, recent investors remain in profit and may help defend against further declines. If Bitcoin falls below that level and fails to recover it, selling from loss-making investors could emerge, turning former support into resistance.

Bitcoin’s recent pullback has come even as the trader realized price continued to rise. That has significantly narrowed the gap between the market price and the average purchase price of recent investors. As of November 1, the difference between the two was about $740.

The analyst identified the area around $77,100 as the key level for judging the short-term trend. If Bitcoin holds support there, it would signal that the buying base built by recent market participants remains intact. If it breaks decisively below that level and fails to rebound, the short- and medium-term price structure could weaken.

Still, Trader_Gemini emphasized that the zone does not automatically represent a buying opportunity. What matters is whether selling pressure is absorbed around the average purchase price and whether losses for newer investors continue to deepen. Bitcoin’s reaction around $77,100 will be a key factor in determining whether the current correction continues.