The recent rejection near the Short-Term Holder cost basis at ~$98.4k mirrors the market structure observed in Q1 2022, where repeated failures to reclaim recent buyers\u2019 cost basis prolonged consolidation.<\/p>\n<\/blockquote>\n
The STH Realized Price provides a look at the average break-even level of a broad section of the market. For a more granular look, another indicator called the UTXO Realized Price Distribution (URPD) exists.<\/p>\n
From the chart of the Bitcoin URPD, it’s visible that a notable amount of the STH supply has a cost basis between the current level and $98,000 (colored in blue). This supply represents the tokens that were redistributed by top buyers into newer market participants during the price rally.<\/p>\n
Not all top buyers sold, however, as it’s apparent in the graph that at levels around and above $100,000, the long-term holder (LTH) supply is becoming a notable force (shaded in red).<\/p>\n
Coins count under the LTH cohort once they mature past the 155-day age bracket. The fact that LTH supply is building up at these levels suggests some bull market entrants are willing to hold.<\/p>\n
\nThis unresolved supply overhang remains a persistent source of sell pressure, likely to cap attempts above the $98.4k STH cost basis and the $100k level. A clean breakout would therefore require a meaningful and sustained acceleration in demand momentum.<\/p>\n<\/blockquote>\n
It now remains to be seen how Bitcoin’s upcoming price action would look, particularly in the context that major supply clusters are still sitting underwater.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has been following a downward trajectory since its rejection from the STH Realized Price as its value is now trading around $89,100.<\/p>\n
![\"Bitcoin](\"https:\/\/www.tradingview.com\/x\/sOXxHFNe\/\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain analytics firm Glassnode has pointed out in a new report how Bitcoin is facing supply overhang beyond the $98,000 region. Bitcoin Could Find Resistance Beyond $98,000 In its latest weekly short-term holders (STHs). The “Realized Price” is an on-chain metric that tracks the cost basis of the average investor or address on the BTC…<\/p>\n","protected":false},"author":1,"featured_media":9675,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,55,1411,4576,61,62,843],"class_list":["post-9674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-resistance","tag-bitcoin-supply-overhang","tag-btc","tag-btcusdt","tag-glassnode"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/9674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=9674"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/9674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/9675"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=9674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=9674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=9674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Bitcoin](\"https:\/\/i0.wp.com\/insights.glassnode.com\/content\/images\/2026\/01\/glassnode-studio_risk-indicator-realized-price-true-market-mean-active-investor-mean-sth-realized-price-10-.png?resize=2000%2C1125&ssl=1\")
<\/p>\n![\"Bitcoin](\"https:\/\/i0.wp.com\/insights.glassnode.com\/content\/images\/2026\/01\/Screenshot-2026-01-21-at-14-27-10-Bitcoin-Engine-Room-Dashboard---Glassnode-Studio.png?resize=749%2C369&ssl=1\")
<\/p>\n