BTC may face deeper losses if it fails to reclaim short-term holder cost basis

CryptoQuant contributor MorenoDV said Bitcoin could see a deeper downturn if it fails to rebound from around $75,700, the average entry price for short-term holders. As of Nov. 9, the short-term holder MVRV, or Market Value to Realized Value, an on-chain indicator showing unrealized profit and loss across the market, fell to 0.994 from 1.17 in early October, moving into unrealized loss territory on average. Over the same period, BTC fell 13%, while the average cost basis for short-term holders rose 2.4%. The short-term holder SOPR, or spent output profit ratio, also came in at 0.997, indicating recently moved BTC was traded at a slight loss on average. MorenoDV added that if BTC remains consistently below $73,000 and fails to break back above that level, the likelihood of a prolonged bear market will increase.