Bitcoin Breaks $86,500, Shifting On-Chain Metrics Suggest New Market Trends

Bitcoin has surged past the $86,500 mark, impacting key on-chain metrics that reveal insights into investor activity and potential future price trends. Short-term holders (STHs) now carry a higher average cost basis, exceeding the current market price. This indicates pressure to hold or sell at a loss if Bitcoin continues to climb above this level. On the other hand, active investors are currently breaking even or holding minimal unrealized losses as their mean price stands near the current trading level. If prices stay below this point, short-term consolidation could occur.