CryptoQuant Analyst: Bitcoin is trying to establish an active supply cost base, around $70,400 is a key level

Comparing news, CryptoQuant analyst Darkfost wrote that Bitcoin (BTC) is currently trying to recover the “Active Supply Cost Basis” (Active Supply Cost Basis) level.

Darkfost notes that active supply refers to all BTC that has been transferred at least once in the past 7 years. By excluding Bitcoin, which has been dormant for a long time, it is possible to obtain an actual holding cost that is more in line with the current market structure. The realized price (Realized Price) is approximately $70,400.

He said that the last time Bitcoin successfully regained this level was in early April, then the market fell below the region again in early June, and sellers regained their dominant position.

Darkfost said that if BTC continues to be based on active supply costs this time, it may mean that the market is forming a longer-term upward trend, rather than a brief breakout that only lasted about two months before.

The indicator is usually used by the market to observe changes in long-term holders' costs and the state of the Bitcoin market cycle. Whether it can stabilize at around $70,400 will become an important observation point for subsequent long and short forces.

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