BTC is still unable to move back above the realized price that excludes inactive supply.
This chart presents a cost basis that excludes supply aged more than 7 years in order to better reflect the supply that is actually circulating.
This approach filters out both lost BTC and coins that never move, often referred to as diamond hands.
With this adjustment, the realized price sits around $72,500, which is currently acting as resistance.
BTC has now been trading below this level for about two months.
During every previous bear market, BTC remained between 6 and 10 months below this cost basis without managing to reclaim it.
If this pattern repeats, we could expect several more difficult months for BTC, with price continuing to trade below $72,500.
Written by Darkfost