On-chain analytics firm Glassnode says Bitcoinâs uptrend remains intact as long as the asset trades above the short-term holder (STH) cost basis.
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đ Bitcoin Holding Above STH Realized Price
The STH Realized Price tracks the average cost basis of Bitcoin purchased within the last 155 days. Itâs a key level because:
When BTC trades above this price â short-term investors are in profit.
When BTC trades below â short-term investors sit at a loss, often triggering panic selling.
Glassnodeâs chart shows Bitcoin retested the STH Realized Price earlier this month and bounced, with the level once again acting as a support floor for the current cycle.
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đ§ Psychology of Short-Term Holders
Long-term holders (LTHs): Less likely to sell as conviction grows with time.
Short-term holders (STHs): More reactive, prone to selling quickly at breakeven or during losses.
In bullish phases, STHs often see pullbacks to their cost basis as dip-buying opportunities. In bearish conditions, however, they tend to sell aggressively when prices revisit their entry zone.
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đ Why This Matters
Historically, holding above the STH Realized Price has been a bull market characteristic, while losing it has often preceded market pullbacks or contractions.
Glassnode concludes:
> âAs long as Bitcoin respects this level, the trend remains constructive. Losing it has historically aligned with corrections or deeper retracements.â
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đ Outlook
With Bitcoin still trading above the STH Realized Price, the on-chain trend remains positive. Market participants are now watching:
