Bitcoin is back above a key on-chain metric that tracks the average cost basis of short-term holders (STHs)-investors who bought their coins within the last 155 days. This crossover, which occurred after the asset's recent rally past $80,000, means the cohort is once again in a state of net unrealized profit.
During the price crash earlier this year, Bitcoin fell below the STH Realized Price, leaving new buyers underwater. The metric then acted as a resistance ceiling for several months, with weak hands selling near break-even. But after a surge in May, BTC flipped that resistance into support. Historically, prices above the STH Realized Price have coincided with bullish market phases. However, analysts caution that the current distance above the level-pegged at $79,000-is still thin, and a retest could be in play.
