Bitcoin’s short-term holder cost basis is around 75.7k. STH doesn’t simply calculate the average purchase price over the past 155 days; instead, it estimates the average cost of these coins based on the price when their on-chain UTXOs last moved.
When Bitcoin’s price is above this level, short-term holders as a whole are in profit; below it, they’re at a loss.
That’s why this level has often served as key support during bull-market pullbacks and major resistance during bear-market rallies!
For now, it may be best to wait and avoid going long, since the midterm elections haven’t been decided yet. But with an important support level nearby, it’s best not to chase shorts!
When Bitcoin’s price is above this level, short-term holders as a whole are in profit; below it, they’re at a loss.
That’s why this level has often served as key support during bull-market pullbacks and major resistance during bear-market rallies!
For now, it may be best to wait and avoid going long, since the midterm elections haven’t been decided yet. But with an important support level nearby, it’s best not to chase shorts!
