According to Odaily, data from LookIntoBitcoin reveals that the total cost basis for short-term Bitcoin holders, those who have held for no more than 155 days, stands at $65,000. This suggests that these holders are currently facing losses or holding loss positions, and may attempt to exit the market under loss or break-even conditions, potentially increasing sell-off pressure around the $65,000 mark.
An analyst from Blockware Intelligence stated in a recent newsletter, 'For the first time since August 2023, the Bitcoin price has fallen below the total cost basis of short-term holders. In the short term, we expect some resistance around approximately $65,000, as short-term market speculators may wish to exit their positions at the 'break-even' level.' The analyst added, 'Last summer, when Bitcoin lost the price support level realized by STH (short-term holders), the price stagnated for two months before breaking through again.'
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 the current market price of Bitcoin.