As Bitcoin (BTC) approaches a pivotal moment while testing two closely related on-chain resistance levels, it has been trading sideways for about 75 days since reaching a local low of $60,000 on February 6. Currently, the price is above $78,000.
The first significant level is the True Market Mean, valued at $78,200, as tracked by CheckOnChain. This metric represents the average purchase price of coins actively in circulation, excluding those that are lost or dormant. It provides a comprehensive view of the cost basis for active market participants.
By focusing on only economically engaged coins, the True Market Mean serves as an accurate measure of where real selling pressure is located.
Slightly above this level lies the Short-Term Holder realized price (STHRP) at $79,200. This group includes investors holding Bitcoin for less than 155 days and tends to react more quickly to market fluctuations. With current spot prices below their average entry point, these holders face a minor loss. The STHRP was tested in mid-January when prices were around $98,000 but faced rejection.
If Bitcoin can sustainably move above this range, it could transform both levels into support zones, bolstering upward trends. However, if the price fails to reclaim these levels, it may extend its period of consolidation and face potential declines.