Analyst: BTC is testing its true STH cost basis around $81K

Bitcoin is attempting to break above the average acquisition price for short-term holders (STH) but has not yet managed to close above this level, according to on-chain analyst Darkfost. In a post on X, the analyst noted that while some charts may suggest a breakout, the STH cost basis has been artificially lowered due to a distortion. This occurred after an internal movement of approximately 800,000 BTC on Coinbase was reclassified as new STH unspent transaction outputs (UTXOs). After adjusting for this, Darkfost calculates the true STH cost basis to be around $81,000. Bitcoin is now testing this level as resistance for the third time since May 6. The analyst suggested that a daily close above this zone would represent meaningful progress, while a weekly close would be a positive signal for the market.