Bitcoin has dropped below $77,000, losing its brief recovery above the short-term holder cost basis. The cryptocurrency's move above this key on-chain level ended in rejection, according to analyst Maartunn.
The short-term holder (STH) realized price measures the average cost basis of investors who purchased coins within the past 155 days. When Bitcoin trades above this metric, holders are in net unrealized profit; below it signals the dominance of losses across that cohort.
BTC's latest decline places it back under the STH realized price, a level that has historically acted as both support and resistance. The exact current value of the STH realized price was not specified in the available data.
This rejection could signal ongoing weakness among short-term holders, who may be more likely to sell if prices continue to lag their cost basis. Sustained trading below this level often correlates with further downward pressure.
Analyst Maartunn highlighted the rejection on X, noting the significance of the failed recovery above the short-term holder cost basis. No specific market reaction or price target was provided.