On-chain data shows the cost basis of the Bitcoin short-term holders is located at $80,700, a level that could come into focus after the latest rally.
Bitcoin Is Nearing The Short-Term Holder Realized PriceNow, here is a chart that shows the trend in the Bitcoin STH Realized Price over the last few years:
As displayed in the above graph, the Bitcoin spot price broke under the STH Realized Price during the price drawdown of Q4 2025. Since then, the cryptocurrency has remained trapped below the line.
As BTC’s drawdown has played out, the STH cost basis itself has also gone down. The reason behind this naturally lies in the fact that coins have been getting involved in trading at the lower post-crash prices, thus decreasing the average acquisition mark of the new investors.
In the past, the indicator has often held relevance for Bitcoin as a support or resistance level. The reason behind this lies in the fact that the STHs represent the low-conviction side of the market, who tend to easily show reaction to price movements; a retest of their cost basis is naturally an event that causes members of the cohort to make some moves on the network.
From the chart, it’s visible that the price rally back in January topped out near the STH Realized Price. This suggests that the cohort looked at the recovery surge as an opportunity to exit at their break-even mark.
If Bitcoin attempts another retest of the level in the near future, it will be interesting to see how the market will react this time around.
BTC PriceBitcoin has hit the $78,200 level following its latest price surge.
