Bitcoin May Retest $88,500 Support Amid Recent Declines, Glassnode Reports

On-chain analytics firm Glassnode reports that Bitcoin is trading below the short-term holder (STH) Realized Price, a key cost basis level. This metric tracks the average investor's cost on the BTC network.

The STH cohort, investors who bought coins in the last 155 days, is sensitive to volatility. Their Realized Price usually provides support in bullish trends.
After the recent market crash, Bitcoin has fallen significantly below this level, with the STH Realized Price at $112,500.
Glassnode indicates that such discounts historically lead to further declines toward lower supports, like the Active Realized Price at $88,500.
This price excludes "economically inactive" coins presumed lost and serves as a crucial reference during corrective phases.

Additionally, according to CryptoQuant, Bitcoin is now below both the STH Realized Price and the 365-day moving average (MA), a significant support level last breached at the start of the 2022 bear market.

Current BTC Price: Approximately $103,300, down over 6% in the past week.