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On-chain data indicates that the cost basis of Bitcoin’s short-term holders (STHs) is concentrated around $80,700, a level that could become a focal point after the latest rally.
In a post on X, cycle analyst Root shared updated figures for the Realized Price of short-term holders. The Realized Price is an on-chain metric designed to reflect the average acquisition level of investors holding Bitcoin over the short term.
The accompanying chart shows that the rally in January peaked near the STH Realized Price. This pattern suggests that the STH cohort may have treated the recovery surge as an opportunity to exit around their break-even cost basis.
At present, the STH Realized Price stands at $80,700. After Bitcoin’s latest price rally, the cryptocurrency appears relatively close to this figure, implying that if bullish momentum continues, a retest of the $80,700 level could occur.
Historically, the STH Realized Price has often been relevant for Bitcoin as a potential support or resistance area. The rationale is that STHs are described as the lower-conviction segment of the market, which tends to react more readily to price movements. When price revisits the cohort’s cost basis, it can prompt activity on the network as members of the group adjust positions.
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