Bitcoin price hits bull market trendline that last sparked 30% gains:

Bitcoin price hits bull market trendline that last sparked 30% gains faces a battle for a key bull market trendline, which it lost for the first time in nearly a year in June.

Data from onchain analytics platform CryptoQuant shows BTC price action retesting the short-term holder (STH) realized price.

BTC price sends short-term holders into the black Bitcoin STH activity is a key point of reference during bull markets, as the aggregate cost basis of this speculatory hodler cohort often forms long-term price support.

The same has been true since the latest bull market began in early 2023 —

BTCUSD

only dipped below the STH realized price for brief periods.

Now, another dip is coming to an end. STH entities, defined as those hodling a given amount of BTC for 155 days or less, are no longer doing so at a loss.

“Recently, the Bitcoin price has reclaimed the STH Realized Price,” CryptoQuant contributor J. A. Maartunn wrote in one of its Quicktake blog posts on July 18.

“This is a positive sign because short-term holders often add to their positions when Bitcoin returns to their average cost basis, creating a support level.”