Bitcoin making a move for the STH cost basis.
Discussion
What does that mean?
Bitcoin is at the average purchase price of short-term holders. A level that functions as resistance when approaching from below. This is because short-term holders that were at a loss are now break even.
You mean like in April and November 2022?
Possibly, coming from below acts as resistance as short-term holders are break-even. Nonetheless, indicative moment for near-term price action.
Not being an expert in this on-chain TA space but seeing some posts and looking at old data … thematically there are a lot of similarities between this cycle and previous cycles but the local bear resistance seems greater and faster AND the general volatility is suppressed even if in prior cycles the action was still choppy sideways … what (if any) data is out there to measure / verify that (maybe incorrect) observation?