Analyst: BTC short-term holders have been losing for nine consecutive months; the $688,000 cost basis is a key resistance level

PANews July 23, CryptoQuant analyst Darkfost said that BTC short-term holders (with positions not exceeding 155 days) have been realizing losses for roughly nine months in a row, which is a typical feature of a bear market. The cost basis of short-term holders is about $68,800, and they are still under pressure. As Bitcoin tries to hold above $65,000, this group is expected to be realizing losses of around 4%. The analyst noted that $68,800 is a key level that Bitcoin should be able to reclaim; once reclaimed, it could bring short-term optimism and confidence to the market, which the market urgently needs.