According to analyst Darkfost, Bitcoin's prolonged trading below the short-term holder (STH) cost base is a typical characteristic of every bear market—BTC has currently been trading below this level for over nine months. The STH cost base is currently at $70,700, a level that continues to act as key resistance. In May, BTC briefly rose to around $82,000 before falling back. Since then, the STH cost base has shifted significantly downwards as some investors accumulated positions at lower levels, but the price has consistently failed to hold above this level. Currently, BTC is oscillating between $59,000 and $64,000, still some distance from the resistance level.
Analysis indicates that if BTC can sustain a recovery and hold above $70,700, it will be the first positive signal that short-term holders are breaking even and market sentiment is shifting from defensive to restorative. If it continues to be resisted, the cost base may shift further downwards, potentially prolonging the bottoming process.
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