**[Analysis: Bitcoin Buyers from 2025 Still at a Loss, $88,000 May Become a Key Resistance Level]** According to a report by Jinse Finance, as of October 7, investors who purchased Bitcoin in 2025 remain the only annual group still at an overall unrealized loss, with an average cost of approximately $88,000. Bitcoin reached $87,500 in September, then consolidated and fell below $84,000 on Wednesday. Due to some recent buyers potentially selling at breakeven, $88,000 could become a key resistance level. Volume-weighted costs have repeatedly acted as support or resistance: Bitcoin rose to around $82,100 in May, encountering resistance at the cost level of the 2024 buyer group, then dropped to $60,000 before breaking through in August. The average costs for the 2023 and 2026 buyer groups are approximately $65,000 and $73,500, respectively, with the latter group mostly in profit since breaking through in late August. The cost basis for U.S. spot Bitcoin ETFs is around $82,300. Investors have only recently returned to overall profitability, and this level may serve as a support during declines.