Short-term holders typically drive capitulation events during bull markets. The drop of Bitcoin below the STH cost basis (US$ 93 thousand) signaled a weakening of momentum, confirmed when the price was rejected at this level. The price is now trading between the STH cost basis and its lower band (US$ 72 thousand), establishing the current trading range. These cost basis levels with standard deviation bands (US$ 131 thousand upper, US$ 72 thousand lower) serve as critical boundaries that reflect changes in investor sentiment and market conditions.
