Bitcoin is testing two important on-chain resistance levels after nearly 75 days of being sideways. The price, which dropped to $60,000 at the beginning of February, has risen in recent days to over $78,000. Two indicators that stand out at this critical point provide clues about investors’ behavior.
True Market Mean and current market balance
The first metric that stands out is the True Market Mean, which sits at $78,200. This indicator reveals the average purchase cost of all actively traded bitcoins. Coins that are lost during the calculation, have not been traded for a long time, or are economically inactive are excluded. In this way, the total cost of real market participants is measured more clearly.
The True Market Mean tracked by the Checkonchain platform is considered a sensitive indicator of the real selling pressure in the market. Because here, the level at which the costs of investors actively involved in the market are concentrated stands out.
Average buying level of short-term investors
Another important indicator is the average entry price of short-term investors called Short-Term Holder Realized Price (STHRP). Currently, this level is calculated at $79,200. STHRP reflects the average purchase cost for investors who hold their bitcoin for less than 155 days.
Generally, this group tends to be more sensitive and quick to react to price fluctuations. The current spot price is below STHRP, which means that short-term investors are still at a partial loss. Bitcoin last tested this level at the beginning of the year, when it approached $98,000, but could not exceed it.
The search for direction in the market continues
According to experts, if Bitcoin rises above these two resistance zones with the current price and remains here, both the True Market Mean and the STHRP level may become support. Such a scenario could strengthen the market’s upward momentum.
On the other hand, if the price cannot hold in these regions, the horizontal movement in Bitcoin may continue for a while and the search for a new downward balance may begin.
It is reported that True Market Mean excludes lost or dormant coins and focuses only on the cost of active participants, thus better showing where the selling pressure is actually concentrated.
Therefore, the current activity in the market points to an important turning point for short and medium-term investors. Especially in these days when price movements accelerate, strategy changes and volatility attract attention.
