BTC faces resistance at $70K short-term holder cost basis

The average cost basis for Bitcoin short-term holders (STHs), defined as those holding for less than 155 days, is currently $70,700, a level now acting as market resistance, according to on-chain analyst Darkfost. In a post on X, the analyst noted that BTC has been trading below the STH cost basis for about nine months, adding that periods of financial strain for these holders are closely linked to bear market phases. Darkfost recalled that in May, the STH cost basis was around $82,000; Bitcoin attempted to reclaim that level but was rejected. The cost basis has since fallen significantly as holders have averaged down their positions. For the market to turn bullish, BTC will need to surpass this key resistance level, he concluded.