On-chain data shows a key short-term Bitcoin metric sitting at $80,700 — a level that could come into focus if the recent rally continues.
Cycle analyst Root shared the update on X, pointing to the short-term holder (STH) Realized Price — an on-chain indicator that tracks the average cost basis of investors who acquired BTC within the past 155 days. When spot price trades above this line, the cohort is collectively in unrealized profit; when it trades below, they are in net loss.
The chart Root posted highlights how Bitcoin plunged beneath the STH Realized Price during the Q4 2025 drawdown and has remained under it since. That drop, and subsequent lower-priced trading, pushed the STH cost basis down as new purchases reset the cohort’s average acquisition level.
Today that STH Realized Price sits at $80,700. Following Bitcoin’s latest run higher, the market is approaching that mark — BTC reached roughly $78,200 after the most recent surge — meaning a retest of the STH cost basis is plausible if bullish momentum holds.
The level matters because short-term holders are typically lower-conviction traders who react quickly to price moves. Historically, the STH Realized Price has acted as either support or resistance: in January’s rally, price topped out near that break-even zone as many short-term holders used the recovery to sell at or near breakeven.
If Bitcoin tests $80,700 again, traders will be watching to see whether it clears the level (which would put STHs back in broad unrealized profit) or stalls and prompts renewed selling pressure. Either outcome could shape near-term price action.
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