Bitcoin Short-Term Holder Cost Line: Key Indicator for Market Sentiment

According to chain analyst Murphy, the short-term holder cost basis (STH-RP) at $108,800 is a crucial sentiment indicator for Bitcoin’s market trends. This metric represents the average cost of turning short-term Bitcoin holdings, and falling below this line could signal a shift from unrealized gains to losses. If Bitcoin prices fall below the STH-RP threshold, short-term investors may experience panic selling, potentially disrupting the current upward trend.