BTC Short-Term Holder Cost Line Under Pressure for Nearly 2 Months

The realized price for Bitcoin short-term holders, who have held their coins for less than 3 months, is approximately $67,900. Since June 20, BTC has faced continuous pressure after rebounding close to this cost line, and it has been nearly 2 months now. The slope of this cost curve is approaching zero, indicating a continued decline in related chip turnover activity. Analysis points out that similar situations occurred at the end of the bear markets in 2018 and 2022, when BTC was also under pressure from this realized price for about 3 months, followed by significant volatility due to the BCH hash war and the FTX incident. The ongoing pressure from this cost line may reflect a structurally weak equilibrium in the market, where any external force could potentially break this weak balance.

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