On April 23, Bitcoin broke through the $93,000 mark, ending the day at $93,715 after struggling to stay above $90,000.
This moved BTC $1,681 (1.8 %) above the short-term holder (STH) realized price of $92,034 for the first time since Feb. 25.
The STH realized price tracks the average on-chain acquisition cost of coins held for fewer than 155 days, acting as a real-time barometer of sentiment among the most price-sensitive wallets.
When spot trades under this threshold, active addresses sit in aggregate loss, often fueling reactive selling and dampening bid depth.
Movement above it flips the cohort back into profit, eases forced distribution, and often turns their cost basis into a support zone during advancing markets.
During the late-February pullback, the gap was noticeable: on Feb. 25, Bitcoin closed at $88,598 versus an STH realized price of $91,736. The drawdown deepened into early April, with April 7 printing a $79,144 close while the cohort’s cost basis held near $91,275.
Even with a partial rebound by April 20, spot was still $6,444 below the still-sticky $91,536 benchmark.
Therefore, the breakout on April 23 neutralized nearly two months of unrealized losses. The realized price edged higher to $92,034, confirming that recent buyers are willing to pay up and raising the breakeven line for new entrants.
Crossing that level also recasts the risk-reward ratio for derivatives traders, because perpetual funding turned positive this week.
Sustained closes above the STH realized price historically precede multi-week advances, while swift reversals often trigger cascading liquidations.
Holding the line would compress the cost-basis distribution of newer coins, blunt downside volatility, and open the door for a retest of the year-to-date high near $95,000.
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