TechFlow reports that on July 12, CryptoQuant analyst Darkfost stated that the Bitcoin price has continuously remained below the short-term holder cost basis (STH Cost Basis) for over 9 months. Historically, such prolonged phases of short-term holder losses are highly correlated with bear market cycles. Currently, the Bitcoin short-term holder cost basis is approximately $70,700 and continues to constitute a resistance level above. The market trend in May already reflected this pressure, when BTC surged to near $82,000 to test this area before quickly encountering a pullback.
Darkfost added that recently some investors have been accumulating at low levels, and new buying capital is lowering the overall cost basis. Whether Bitcoin can reclaim the short-term holder cost basis subsequently will become an important signal for judging changes in market trends.
