Bitcoin (BTC) is down 10% from its all time high of just over $124,000, with the next level of support forming around $108,600, which is the short-term holder realized price (STH RP).
The STH RP, which reflects the average acquisition price of coins moved within the past 155 days, is a key metric for gauging near-term investor positioning.
Bitcoin has historically treated the STH RP level as support during bull markets, often retesting it during corrections of 20% to 30% before resuming upward momentum.
Since February, BTC has consistently held above this level, with the most recent test in April marking the cycle low at $76,000, a move that coincided with market stress following the announcement of President Trump’s new tariffs.
Realized Price (RP) itself, which reflects the average acquisition price across the entire coin supply, has also continued trending upwards. This increase, alongside the rise in STH RP, signals that investors are actively accumulating coins at progressively higher prices, reinforcing structural support for the market.
In fact, over the past seven days, both the RP and STH RP have risen by more than 1%, underscoring continued inflows and conviction among buyers.
These dynamics reflect an important backdrop for the current correction: while short-term volatility has pressured price action, the rising cost basis of investors suggests that new capital continues to enter the market at elevated levels, absorbing selling pressure and maintaining bitcoin’s longer-term bullish structure.
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