Bitcoin As Bitcoin climbs above $78,000, testing two closely aligned on-chain resistance levels after roughly 75 days of sideways trading since hitting a local bottom of $60,000 on February 6, Bitcoin is about to reach a decisive moment.
The first indicator is the real market average, which is currently $78,200. This metric tracked by Checkonchain reflects the average acquisition price of the active circulating supply, excluding lost or dormant tokens. It effectively captures the total cost base of participating market participants.
The real market average filters out lost, dormant, and economically inactive coins, leaving only the cost basis of participants who are actually present in the market, allowing it to more accurately measure where the true selling pressure lies.
According to checkonchain, the short-term holder realized price (STHRP) is $79,200. This group is defined as investors who hold tokens for less than 155 days and tend to be more sensitive to price fluctuations. With the spot price below the average entry price, these players are still at a slight loss. Bitcoin tested STHRP in mid-January around $98,000 but was rejected.
A sustained break above this area could turn both levels into support, reinforcing the bullish momentum. Conversely, failure to recover them could prolong Bitcoin’s consolidation phase, with potentially negative consequences.