The importance of the $62,000 level in Bitcoin is increasing.

Recently, significant developments have been occurring in the price movements of Bitcoin (BTC). The Binance Reserve Realized Price metric, a critical indicator for Bitcoin, has increased to $62,000. This situation indicates that the market is approaching a new equilibrium point following the approval of the Spot Exchange Traded Fund (ETF). This level, which has never been tested before, holds great importance for investors.

According to data shared by CryptoQuant analyst Burak Kesmeçi, the metric showing the average cost of Bitcoin reserves on the Binance exchange is currently at $62,000. Since the ETF approval, the price of Bitcoin has continued to rise without retracing to this level. This development suggests a significant change in the market structure following the ETF and the emergence of a new dimension that has attracted the attention of investors.

In past cycles, the Binance Reserve Realized Price has functioned as a strong support level between Bitcoin’s bull and bear markets. When the Bitcoin price stays above this level, the upward trend continues; however, when it falls below, a bear season is typically observed. Before 2024, this threshold was around $42,000 and was tested during that period. Following the approval of Spot Bitcoin ETFs in January 2024, there have been significant changes in market dynamics.

The increasing influence of institutional investors and ETF inflows have lifted the average cost of Binance reserves, and now $62,000 has become a new reference point. Although current market conditions suggest that Bitcoin is still in a bear cycle, this cycle's bottom may follow a different trajectory compared to previous periods. Institutional demand is now playing a decisive role in shaping the market, rather than individual investors.

Therefore, the $62,000 level stands out as the first major support test in the post-ETF period. How this metric, which has produced strong lows in the past, functions at the new level could play a critical role in determining the next significant direction for Bitcoin. It can be said that investors should carefully monitor this level.