Key Insights:
- Te token has not closed above the corrected STH cost basis level, according to Darkfost.
- Darkfost placed Bitcoin’s current short-term holder cost basis at $81,800.
- The analyst adjusted the indicator to reduce Coinbase’s 800,000 BTC transfer impact.
- Bitcoin faced its third rejection at the level on May 6, data showed.
Bitcoin is again testing a key short-term holder cost basis level after failing to close above it, according to CryptoQuant. The analyst said BTC has not confirmed a breakout above the corrected STH cost basis, despite some market charts suggesting otherwise. The adjusted indicator places the current level at $81,800, making the zone important for Bitcoin’s latest recovery attempt.
Bitcoin as Not Closed Above STH Cost Basis
Darkfost reported that several posts had claimed the token had already regained its short-term holder cost basis. He said the asset had not closed above the level in the version of the indicator he follows. The chart show Bitcoin trading near the corrected STH cost basis line. The data also showed repeated periods where BTC traded below that level.
The analyst said the corrected version removes, as much as possible, the impact of a large Coinbase related movement. That transfer involved about 800,000 BTC, according to the information he shared. The analyst noted that, many of those coins had been categorized as long-term holder UTXOs before the transfer. Once the coins moved, the transaction created new short-term holder UTXOs near $84,000.
However, the analyst added that the previous UTXOs carried a higher cost basis. As a result, the standard short-term holder cost basis indicator moved lower than expected. This adjustment matters because the analyst said the earlier reading had become distorted. Therefore, he presented the hard-coded version as a clearer view of the STH cost basis.
Corrected Level Stands at $81,800
The corrected CryptoQuant chart placed Bitcoin’s short-term holder cost basis at $81,800. Bitcoin need a daily close above that level to show progress. The chart showed the asset had already faced resistance near the same area. BTC received its third rejection at the level on May 6.
After that rejection, Bitcoin began another attempt to move above the adjusted cost basis. The chart showed price action approaching the red cost basis line again. The analyst said a close still mattered more than an intraday move above the level. He also noted that a weekly close would give stronger confirmation.
The chart’s shaded sections marked periods when Bitcoin traded below the STH cost basis. These areas appeared several times across the 2021, 2022, 2024, and 2026 periods shown. Darkfost’s update keeps attention on the $81,800 level. Bitcoin’s next confirmed daily close will determine whether it reclaims the corrected short-term holder cost basis.
