**Bitcoin Market Analysis: Short-Term Holders' Realized Share Declines**

As Bitcoin's price continues to move sideways, the realized share of Short-Term Holders (STH) has dropped from 55% three months ago to 40%. This decline suggests that STHs, who have held Bitcoin for one week to six months, are likely to react more sharply to price fluctuations in the near future.

Key price levels have been calculated by incorporating the realized share into the period-specific STH realized prices. Notably, the 0d-1w cohort has been excluded due to its realized price being close to the spot price.

The critical STH price level is $62.7K, consistent over the past three months. With Bitcoin currently at $61.8K, breaking above $63K, supported by trading volume, could trigger short-term bullish momentum, indicating a more positive market structure.