On-chain data suggests the $28,100 level could be the next major resistance to break for Bitcoin if history is anything to go by.

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Bitcoin Short-Term Holder Cost Basis Is Valued At $28,100 Currently

As pointed out by an analyst in a CryptoQuant post, the BTC price has recently neared the short-term holders’ realized price. The “realized price” is a metric that basically represents the cost basis (that is, the buying price) of the average investor in the Bitcoin market.

When the spot price of the asset dips below this indicator, the majority of the holders go underwater, while breaks above the level naturally result in the average investor moving into a state of profit.

In the context of the current discussion, the realized price for only a segment of the cryptocurrency’s user base is of interest; namely, the “short-term holders” (STHs).

The STHs include all investors who have been holding onto their coins since less than 155 days ago. This cohort is one of the two main groups in the BTC market; the other one being the “long-term holders” (LTHs).

The STHs are generally the more fickle investors, who easily react to changes in the wider market (like crashes or rallies), while the LTHs tend to stay silent regardless of the wider sentiment.

Now, here is a chart that shows the trend in the Bitcoin realized price for both of these groups over the last few year

BTC Price

Following the latest surge, Bitcoin is now trading around the $27,400 mark, with investors being in 6% profits over the past week.