Bitcoin fell below the $77,700 realized price for investors who bought between one and three months ago, potentially turning that level from support into resistance. BTC was trading around $76,500 in the analysis cited by CryptoQuant, after remaining above the cohort’s cost basis since Aug. 19.
The one-to-three-month group is considered more sensitive to short-term price swings. CryptoQuant contributor analysis says that when the market price drops below their cost basis, some investors may use a recovery to break-even as an opportunity to sell, adding pressure around that level.
CryptoQuant’s Trader Onchain Realized Price Bands metric places the cohort’s nearest lower band at $68,400, equivalent to an aggregate loss of 12%. Bitcoin last moved below that band in early June, and later traded as much as 12.6% beneath it over the following month.
Bitcoin is also nearing the $75,832 realized price for short-term holders, defined in the analysis as investors who have held their coins for up to 155 days. Their Market Value to Realized Value ratio stood at 1.012, close to the break-even level associated with their cost basis.
The analysis identifies an MVRV reading of 0.85 as a further psychological level, describing it as an area of “tactical capitulation” or a “short trap.” Bitcoin last fell below that threshold in early June and recovered it in mid-August.
Sources: Cointelegraph.