Analyst: Short-term Bitcoin holders' pressure eases, with $83,000 as a key watershed

BlockBeats News, April 24 — CryptoQuant analyst Axel Adler Jr said in a post that, “Bitcoin short-term holder (STH) pressure has eased clearly in April. Data shows that the STH discount has narrowed from -21.6% at the beginning of the month to -5.7%, while the STH-SOPR (7-day) has rebounded to above 1.0, indicating that short-term holders overall are no longer selling at a loss-priced level.

Specifically, Bitcoin’s price has risen to about $78,200, while the cost basis for short-term holders is around $83,000. The current price is still below the cost line, meaning the market has not yet recovered into the “premium zone.” Historically, this cost level often serves as a key watershed: when the price reclaims and stabilizes above this level, the market typically enters a more certain upward phase. The analysis notes that this round of recovery is more a structural repair phase than confirmation of a new upward trend. Although selling pressure has eased, the STH-SOPR is only slightly above 1, and it has not yet shown strong demand or FOMO sentiment. The current market sentiment is relatively neutral, in the early stage of transitioning from the pressure zone to the recovery phase.

Overall, the key observation indicator remains whether the price can break through and hold above the $83,000 short-term cost level. Once that happens, the indicator will shift from discount to premium, or become an important signal for the market to enter a new bullish cycle; conversely, if the price falls again and the STH-SOPR drops below 1, it may mean that this rebound is only a phase of temporary repair.”