CryptoQuant analyst Darkfost said Bitcoin is trying to close above the cost basis of its active supply. In his definition, active supply includes all BTC that has moved at least once in the past seven years, excluding coins that have stayed inactive over that period. Based on that filter, the realized price for this segment stands at about $70,400.
Darkfost said that, given current market conditions, this level offers a more relevant cost basis than a broader measure that includes dormant coins. He also pointed to recent price behavior around the same threshold. According to his note, Bitcoin last managed to close above this level in early April. It then fell back below it in early June, a move that was followed by sellers regaining control of the market.
The level is now back in focus as Bitcoin attempts to reclaim it on a closing basis.
Bitcoin is attempting to close above the cost basis of its active supply, according to CryptoQuant analyst Darkfost.
Darkfost said active supply refers to all Bitcoin that has moved at least once during the past seven years. By excluding inactive coins, the realized price for that portion of supply comes to roughly $70,400. He said that level is a more reasonable cost basis under current market conditions.
A level the market has failed to hold since June
Darkfost noted that Bitcoin last closed successfully above this level in early April. In early June, it dropped below the line, after which sellers regained control of the market.
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