On May 6th, short-term holder (STH) on-chain metrics such as cost basis indicate that BTC price can still rise, with the next key target at $92,000. This rebound has pushed Bitcoin above its short-term holder cost basis—according to Glassnode data, this basis is currently at $79,000. The short-term holder cost basis refers to the average purchase price of investors holding Bitcoin for less than 155 days. Historically, breaking through this level has pushed the market into an extended recovery phase—encouraging investors to hold or even add to their positions to maximize returns. This shift often acts as a catalyst for a macro upward trend, attracting new buyers and triggering short squeezes, while shorts remain in a "disbelieving" state.

The chart shows that when the price recovers its realized price in April 2025, it rises 30% within four weeks, reaching the upper boundary of this indicator at $112,000. Similar situations in October 2024, October 2023, and January 2023 also pushed BTC price up to the same on-chain level. If BTC breaks through this line, there is a high probability it will short-term rise to $92,423, about 13% above the current price. Analyst Mitchell Askew states, "Bitcoin has broken through the highly watched short-term holder breakout point. This typically signals the end of a bear market and consolidation period." Bitcoin analyst Plan C says that if the price "can find sustained support above this level," it will confirm that the 50% retracement from the $126,000 all-time high is just a "mid-cycle correction."

However, the continuation of Bitcoin's rebound currently depends on whether it can break through the supply zone between $82,000 and $84,000. Michael van de Poppe, founder of MN Capital, marks $84,000 to $86,000 as the "next resistance zone." If broken, Bitcoin could "continue to rise toward the 50-week moving average near $90,000." Meanwhile, Bitcoin whale order books show that there are "large concentrated sell orders" between $82,000 and $84,000, making this range a critical level for bulls to break through. #Gate广场五月交易分享