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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Is The Bitcoin Bull Market Still On? STH Cost Basis Suggests So

Opeyemi Sule
Opeyemi Sule
3 months ago
3 mins read
Bitcoin

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Este artículo también está disponible en español.

The Bitcoin price has been somewhat quiet since hitting its all-time high of $108,135, struggling to hold a six-figure valuation for long. Case in point — the premier cryptocurrency barely lasted a day above $100,000 before crashing to under $92,000 in the past week.

This sluggish price action has triggered discussions about the likelihood of a top being in and the Bitcoin bull market being over. However, the latest on-chain observation suggests that the flagship cryptocurrency might still have room for further upward price movement.

What’s The Current Bitcoin Short-Term Holders Cost Basis?

In its latest post on the X platform, blockchain analytics firm Glassnode revealed that the Bitcoin bull market might not be over just yet. This on-chain observation is based on the movement of the BTC price in relation to the short-term holders (STH) cost basis.

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The STH cost-basis metric tracks the average price at which short-term holders (investors who have held Bitcoin for less than 155 days) purchased their coins. It represents a psychological level for BTC investors and could serve as a technical point for analyzing prices, especially during bull cycles.

Typically, the price of Bitcoin floats above the STH cost basis during bull markets, indicating significant buying interest and positive sentiment from short-term traders. Conversely, when the BTC price falls beneath this level — as often seen in bear markets, this means that newer investors are in the red, leading to substantial selling pressure.

Bitcoin
Source: Glassnode/X

According to data from Glassnode, Bitcoin’s price is roughly 7% above the STH cost basis, which currently stands at around $88,135. While the premier cryptocurrency is a little closer to the cost basis, the inkling is still that short-term holders are less likely to offload their assets.

If the price of Bitcoin manages to sustain above the STH cost basis, it means the potential continuation of the current bull market. On the flip side, a move beneath $88,000 could set the stage for a trend reversal, with the market shifting from a bull to a bear phase.

As of this writing, the price of BTC sits just above $94,000, reflecting barely a 1% increase in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by more than 3% in the last seven days.

Is A Market Rebound Imminent?

The crypto market has been in terrible form over the past week, with several large-cap assets dipping by double digits. Unsurprisingly, many crypto traders have indicated interest in offloading their assets on various social media platforms.

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However, this shift in investor sentiment increases the odds of a market recovery, as prices tend to move in the crowd’s opposite direction. On-chain intelligence firm Santiment noted in a post on X that this was the case in the rally witnessed in 2024 Q4, as higher prices followed increased bearish mentions.

Bitcoin
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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