I started looking into Bitcoin since 2019 and observing market since then. Here I will express my views on Bitcoin based on my prior experience. Any view should not be considered as a financial advice.

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On-chain analytics firm Glassnode has explained how the Bitcoin price trend 
remains constructive as long as the asset trades above the short-term holder 
cost basis. Bitcoin Is Still Maintaining Above Short-Term Holder Realized 
Price In a new post on X, Glassnode has discussed about the Realized Price of 
the Bitcoin short-term holders. The &#8220;Realized Price&#8221; here refers to an 
indicator that keeps track of the cost basis of the average investor or 
address on the BTC network. Related Reading: Bitcoin Bull Score Sees Sharp 
Jump, No Longer Signals Bear Phase When the value of the metric is greater 
than BTC&#8217;s spot price, it means the investors as a whole are sitting on some 
net unrealized profit. On the other hand, it being under the asset&#8217;s value 
implies the overall market is in a state of net loss. In the context of the 
current topic, the Realized Price of a specific segment of the userbase is of 
interest: the short-term holders (STHs). This cohort includes the investors 
who purchased their tokens within the past 155 days. Now, here is the chart 
shared by Glassnode that shows the trend in the Bitcoin Realized Price for the 
STHs over the last few years: As displayed in the above graph, Bitcoin 
retested the STH Realized Price at the start of the month and found support at 
it. Since then, the coin&#8217;s price has seen some recovery. This pattern of the 
STH Realized Price acting as a support barrier has actually been seen many 
times through this bull market. The reason behind the pattern may lie in 
investor psychology. Statistically, the longer an investor holds onto their 
coins, the less likely they become to sell them in the future. Since the STHs 
have a relatively low holding time, however, they don&#8217;t tend to be resolute, 
and thus, easily make panic moves when shifts occur in the market. The STHs 
can particularly be susceptible to panic when the cryptocurrency retests their 
break-even level. When the market mood is bullish, the reaction comes in the 
form of buying. This is because the STHs look at drawdowns to their cost basis 
as dip-buying opportunities. Similarly, STHs react to surges to their Realized 
Price by selling during bearish periods instead, fearing that the asset would 
decline again in the near future and send them back into a state of loss. 
Related Reading: Bitcoin Inflows In Last 1.5 Years Surpassed First 15 Years 
Combined: Data For now, Bitcoin is maintaining above the STH Realized Price. 
&#8220;As long as the price respects this level, the trend remains constructive,&#8221; 
notes the analytics firm. &#8220;Losing this support has coincided with phases of 
contraction or pullbacks.&#8221; BTC Price At the time of writing, Bitcoin is 
floating around $116,200, up almost 5% over the last seven days. Featured 
image from Dall-E, Glassnode.com, chart from TradingView.com

Bitcoin Trend Constructive As Long As This Metric Holds, Glassnode Says

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institutional usage rather than sitting idle. KernelDAO is set to enter the 
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KernelDAO to launch new reward-bearing stablecoin KUSD

Bitwise is moving to bridge Wall Street and blockchain, filing for the first 
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Alchemy Pay has unveiled a fiat-to-RWA investment platform that gives access 
to tokenized U.S. stocks and exchange-traded funds with local fiat, marking a 
milestone in democratizing global finance. Alchemy Pay has rolled out a new 
fiat-to-RWA platform that allows users…

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