Bitcoin Holds Above Short-Term Cost Basis as Selling Eases
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Bitcoin is trading in the mid-$66,000s after last week’s corrective move, maintaining a range-bound posture as the market digests recent losses. The asset remains inside the bear market that began in October 2025, a drawdown of roughly 52% from the cycle high, but several on-chain indicators are showing stabilizing signs that could support a nascent recovery.
CryptoZeno notes that Bitcoin is holding above the short-term holder (STH) realized price — the average cost basis of recent buyers. Staying above that level means a large cohort of short-term investors remains in profit, which historically reduces immediate selling pressure and can help cap deeper corrections.
The 7-day Spent Output Profit Ratio (SOPR) is hovering around 1, which suggests coins are being sold at or near their purchase price. In consolidation phases, a sustained SOPR near or slightly above 1 is more consistent with measured profit-taking than broad-scale distribution. At the same time, the 30-day exchange netflow has shown steady outflows over the past week, a pattern often linked to accumulation when withdrawals approach volumes seen in early-to-mid bullish cycles.
Price action since the local low near $60,000 in early February has resembled an upward consolidation: intraday spikes towards about $76,000 have been followed by retracements to roughly $65,000. Combined, the STH realized-price support, neutral SOPR readings, and exchange outflows point to intact structural support, orderly profit realization, and constrained supply — all factors that can underpin the current sideways-to-up consolidation.
That said, risks remain. Momentum has cooled and the STH realized price itself has been drifting lower, leaving the market in a fragile state. If the STH support breaks, it could trigger renewed selling and prompt a short-term dip or shift in sentiment.
At the time of reporting, Bitcoin was trading at $66,748, up about 1.04% over the prior 24 hours. Daily trading volume has dropped sharply — down roughly 53.48% — indicating softer market participation and limited conviction behind the recent move.
