Bitcoin is currently trading near $76,500, falling below the realized price level of $77,700. This threshold represents the cost basis for investors who entered the market between one and three months ago.
Analysts from CryptoQuant note that this cohort of speculative traders is highly sensitive to volatility. When the price drops below their cost basis, this level may transition from support to resistance as investors seek to exit at breakeven.
The gap between the current market price and this cost basis has narrowed significantly. The nearest lower support band, representing a 12% aggregate loss for these traders, is currently set at $68,400.
Additionally, Bitcoin is approaching the realized price of short-term holders, which stood at $75,832 as of Tuesday. This group includes entities that have held assets for up to 155 days.
Market data indicates that if the price falls below the short-term holder realized price, the next psychological support level corresponds to an MVRV ratio of 0.85, often viewed as a point of tactical capitulation.
