Bitcoin Rebounds After Retesting Short-Term Holder Realized Price Support

Bitcoin has rebounded after testing the short-term holder Realized Price, which serves as a key on-chain support level.

Key Points

Bitcoin found support around the short-term holder Realized Price during its latest dip.
The Realized Price indicates the average cost basis of holders; above it means net unrealized profits, while below signals losses.
Short-term holders (STHs) are defined as those who bought within the last 155 days and tend to react quickly to price movements.
Currently, the STH Realized Price is approximately $107,500, with a recent brief dip below this mark before recovery.
STHs generally view price drops to their cost basis as buying opportunities, suggesting a bullish sentiment if support holds.
A breakdown below this level could indicate a shift to bearish trends, similar to events in February.

As of now, Bitcoin is priced at about $109,200, reflecting a 2% decline over the past week.