Bitcoin's recent price activity has been lukewarm since its peak of $108,135, struggling to sustain above the $100k mark. It recently plunged below $92,000, sparking talk of a bull market conclusion. Yet, blockchain analytics firm Glassnode suggests the bull market might persist, based on the short-term holders (STH) cost basis.
The STH cost-basis metric indicates the average price short-term holders purchased Bitcoin. Typically, during bull cycles, Bitcoin's price hovers above this level, reflecting positive trader sentiment. Currently, Bitcoin’s price is roughly 7% above the STH cost basis, suggesting holders may not sell off soon.
If Bitcoin maintains above the STH cost basis, the bull market could continue. Alternatively, dropping below $88,000 may herald a bearish turn. Although Bitcoin is above $94,000 now, it decreased over 3% in the last week.
The broader crypto market has also been turbulent, with various large-cap assets seeing double-digit declines. Despite this, investor discussions suggest a market rebound may be possible as prices often trend contrary to mass sentiment.
