According to Odaily Planet Daily, according to data from LookIntoBitcoin, the total cost basis of short-term Bitcoin holders (holding time no more than 155 days) is $65,000. This means that short-term holders are now facing losses or holding losing positions and may try to exit the market at a loss or break-even, which may increase selling pressure near $65,000.
“The Bitcoin price is trading below the total cost basis of short-term holders for the first time since August 2023,” Blockware Intelligence analysts said in the latest edition of their newsletter. “In the short term, we expect some resistance around $65,000 as short-term market speculators may look to exit their positions at the ‘breakeven’ level.”
“When Bitcoin lost its STH (short-term holder) realized price support level last summer, the price moved sideways for another two months before finally breaking out again,” the analyst added. Meanwhile, long-term holders have a strong incentive to maintain or increase their reserves as their average cost is less than $20,000, nearly 70% lower than Bitcoin’s current market price.
