Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) has four new key support levels to watch as a fresh wave of bearish BTC price action aims to push the market price below $50,000.
Key points:
<ul>
 <li>Bitcoin’s realized prices remain important milestones as the market forms a long-term floor.</li>
 <li>Binance users’ deposit cost basis is next up as a safety net, says analysis.</li>
 <li>Realized losses reach levels unseen since the end of the 2022 bear market.</li>
</ul>
<h2 id="btc-price-analysis-puts-focus-on-binance-traders">BTC price analysis puts focus on Binance traders</h2>
<a href="https://cryptoquant.com/insights/quicktake/69962c7ac876a02133a048e2-Bitcoins-Roadmap-to-the-Bottom-%E2%80%94-4-Levels-to-Watch" rel="noopener noreferrer nofollow">New analysis</a> from Burak Kesmeci, a contributor to onchain analytics platform CryptoQuant, sees $58,700 as Bitcoin bulls’ next line in the sand.
“Which 4 levels am I watching in Bitcoin? 4 key realized price levels — essential for tracking the long-term trend in my view,” he wrote in one of CryptoQuant’s Quicktake blog posts on Wednesday, titled “Bitcoin’s Roadmap to the Bottom.”
Realized price refers to the <a href="https://cointelegraph.com/news/crypto-bear-market-began-november-cryptoquant" rel="noopener noreferrer nofollow">aggregate cost basis</a> of the BTC supply or a subset of it. When BTC moves onchain, its realized price becomes that at which it was last involved in a transaction.
Realized prices that involve larger groups of coins can often function as market support or resistance zones.
“Bitcoin has been dropping ever since it lost the <a href="https://cointelegraph.com/news/new-bitcoin-whales-are-trapped-underwater-but-for-how-long" rel="noopener noreferrer nofollow">New Whales' cost basis</a> — a classic bear cycle signal,” Kesmeci noted.
Newer Bitcoin whales’ aggregate buy-in price stands at $88,700, but with the price now far below, three others are on the radar. Older whales’ realized price is the lowest of the selection at $41,600, while Bitcoin’s overall cost basis now sits at $54,700.
Between the current spot price and those two levels, however, lies the realized price for deposit addresses (UDA RP) on major global crypto exchange Binance.
“From here, the 2 key supports I'll be watching in order are Binance UDA RP and Bitcoin RP (58.7K and 54.7K),” Kesmeci added.&nbsp;
<blockquote>
 “The reason: once Bitcoin falls below New Whales' cost basis, it historically tends to at least test the Realized Price. And the only support standing between here and there is 58.7K.”
</blockquote>
<figure><img alt="Bitcoin 'roadmap to bottom' says $58.7K Binance cost basis now crucial" src="https://s3.cointelegraph.com/uploads/2026-02/019c7572-861f-7cb1-b454-a8c94856ce6f.png" title="">
 <figcaption>Bitcoin realized price data. Source: CryptoQuant
 </figcaption>
</figure>
<h2 id="br-bitcoin-losses-echo-2022-bear-market-bottom"> Bitcoin losses echo 2022 bear market bottom</h2>
While panic selling from exchange users has cooled since BTC/USD rebounded from <a href="https://cointelegraph.com/news/bitcoin-rallies-to-71-5k-after-historic-sell-off-but-derivatives-metrics-remain-soft" rel="noopener noreferrer nofollow">15-month lows near $59,000</a> at the start of February, CryptoQuant data underscores the risk of further capitulation.
Related: <a href="https://cointelegraph.com/news/bitcoin-early-2024-buyers-steady-btc-price-as-trader-sees-52k-next-week" rel="noopener noreferrer nofollow">Bitcoin 2024 buyers steady BTC price as trader sees $52K ‘next week or so’</a>
The proportion of the BTC supply currently held at an unrealized loss has reached 46%, its highest reading since the end of Bitcoin’s 2022 bear market.
“It is worth noting that the correction has been so severe that the increase in supply held at a loss has occurred very rapidly,” CryptoQuant contributor Darkfost <a href="https://x.com/Darkfost_Coc/status/2019798128770097426" rel="noopener noreferrer nofollow">commented</a> on X during the $60,000 swing lows.
Last week, meanwhile, Darkfost reported similarly conspicuous levels of realized losses from Bitcoin investors —&nbsp;coins moving at a lower price than in their previous transaction.
“At its peak, on February 5, realized losses exceeded 30,000 BTC,” he <a href="https://x.com/Darkfost_Coc/status/2024225051114164670" rel="noopener noreferrer nofollow">confirmed</a>.&nbsp;
<blockquote>
 “This remains well below the extreme levels observed during the last bear market, when realized losses reached 92000 BTC and 80000 BTC on separate occasions. Nevertheless, it is still a clear sign that a capitulation phase has taken place.”
</blockquote>
<figure><img alt="Bitcoin 'roadmap to bottom' says $58.7K Binance cost basis now crucial" src="https://s3.cointelegraph.com/uploads/2026-02/019c7571-9e6a-753c-bb84-375439bb2321.jpeg" title="">
 <figcaption>Bitcoin realized profit and loss data. Source: Darkfost/X
 </figcaption>
</figure>

Bitcoin 'roadmap to bottom' says $58.7K Binance cost basis now crucial

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