Bitcoin has remained below its short-term holder cost basis for more than nine consecutive months, according to CryptoQuant analyst Darkfost, who said this kind of extended loss period for short-term holders has historically been closely associated with bear market cycles. He said the current short-term holder cost basis is around $70,700 and continues to act as overhead resistance for BTC.
Darkfost also pointed to price action in May as an example of that pressure. At the time, Bitcoin climbed to about $82,000 to test the area near the short-term holder cost basis, but then quickly pulled back. His comments frame the cost basis level as a key reference point for judging whether Bitcoin can break through resistance or remains stuck below a level that has capped upside so far.
Bitcoin has traded below its short-term holder cost basis for more than nine straight months, according to CryptoQuant analyst Darkfost. He said historical periods in which short-term holders stay underwater for an extended stretch have often been closely tied to bear market cycles.
The current short-term holder cost basis stands at about $70,700 and is still acting as overhead resistance, Darkfost said. He pointed to market action in May, when BTC rose to roughly $82,000 to test that area before quickly retreating.
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