Bitcoin is nearing a decisive moment as it tests two closely aligned on-chain resistance levels, following roughly 75 days of sideways consolidation since its Feb. 6 local bottom at $60,000 as bitcoin climbs above $78,000.
The first metric is the True Market Mean, currently at $78,200. This metric, tracked by Checkonchain, reflects the average acquisition price of actively circulating supply, excluding lost or dormant coins. It effectively captures the aggregate cost basis of engaged market participants.
The True Market Mean filters out lost, dormant, and economically inactive coins, leaving only the cost basis of participants who are actually present in the market, making it a more precise gauge of where real selling pressure resides.
Just above sits the Short-Term Holder realized price (STHRP) at $79,200, according to checkonchain. This cohort, defined as investors holding coins for fewer than 155 days, tends to be more reactive to price swings. With spot prices below their average entry, these participants remain at a slight loss. Bitcoin tested the STHRP in mid-January around $98,000 and got rejected.
A sustained move above this zone could shift both levels into support, strengthening bullish momentum. Conversely, failure to reclaim them may prolong bitcoin’s consolidation phase, with potential downside.