Bitcoin Fails to Reclaim Key Cost Basis Amid Rising Realized Losses

Bitcoin's price has been struggling to reclaim its key cost basis of $80,217 for over a week now. According to recent on-chain information, this could signal further trouble for the largest cryptocurrency if it fails to break above this level.

Axel Adler Jr. notes that realized losses have risen across the Bitcoin market, with a net realized profit of roughly -$176 million. This is due to the difference between $366 million in realized losses and $190 million in realized profits among short-term traders.

As long as Bitcoin remains below its STH cost basis, future market rebounds may be temporary relief rallies rather than actual signs of a broader trend reversal.