比特币现在回到短期持有人实现的价格之上

链上的数据显示，比特币价格已收回了短期持有人的成本基础，这在历史上在心理上很重要。

On-chain data from Glassnode indicates that the Bitcoin price has reclaimed the cost basis of the short-term holders (STHs). This level, often highlighted by analysts, is said to hold psychological importance.

玻璃节链的链上数据表明，比特币价格已收回了短期持有人（STH）的成本基础。据说这种水平通常由分析师强调，具有心理上的重要性。

Bitcoin Price Now Back Above STH Realized Price

比特币价格现在回到STH实现的价格

In a recent post on X, on-chain analytics firm Glassnode discussed the Realized Price of the Bitcoin STHs.

在X上最近的一篇文章中，链分析公司GlassNode讨论了比特币STH的实现价格。

The “Realized Price” here refers to an indicator that keeps track of the cost basis or acquisition level of the average investor in the BTC sector. When the spot price of the cryptocurrency is trading above this metric, it means the holders as a whole are sitting on a net unrealized profit. On the other hand, it being under the indicator suggests the collective is in a state of loss.

这里的“实现价格”是指一个指标，该指标可以跟踪BTC部门普通投资者的成本基础或收购水平。当加密货币的现货价格超过该度量标准时，这意味着持有人整体上都坐着未实现的利润。另一方面，它在指标下表明集体处于损失状态。

In the context of the current topic, the Realized Price of only a specific part of the sector is of interest: the short-term holders (STHs).

在当前主题的背景下，该部门的特定部分的实现价格是感兴趣的：短期持有人（STHS）。

The STHs are made up of the BTC investors who purchased their coins within the past 155 days. This cohort represents one of the two broad divisions of the userbase done on the basis of holding time, with the other group being known as the long-term holders (LTHs).

STH由BTC投资者组成，他们在过去155天内购买了硬币。该队列代表了根据持有时间进行的用户群的两个广泛部门之一，另一组被称为长期持有人（LTHS）。

Statistically, the longer an investor holds onto their coins, the less likely they are to sell them at any point. As such, the LTHs include the resolute hands, while the STHs include the weak ones.

从统计学上讲，投资者持有硬币的时间越长，他们在任何时候出售它们的可能性就越小。因此，LTH包括坚决的手，而STH则包括弱者。

Now, here is a chart that shows how the Realized Price of the Bitcoin STHs has changed during the last few months:

现在，这是一个图表，显示了过去几个月中比特币STH的实现价格发生了变化：

As displayed in the above graph, the Bitcoin spot price fell below the STH Realized Price earlier in the year, suggesting these investors dipped into a state of net loss.

如上图所示，比特币的价格低于今年早些时候实现的STH实现价格，这表明这些投资者浸入了净亏损状态。

As mentioned earlier, the STHs include the fickle hands of the market. These investors often panic whenever retests related to their cost basis occur, so the cryptocurrency can feel some kind of reaction when it touches the STH Realized Price.

如前所述，STH包括市场的善变之手。这些投资者通常会在与成本基础相关的重新测试时感到恐慌，因此，当加密货币触及STH实现的价格时，加密货币会感到某种反应。

When this retest occurs from below (that is, when the STHs were in the red prior to the retest), the cohort might react by selling, if the sentiment among them is bearish. This panic exiting at the break-even can provide resistance to the asset. From the chart, it’s visible that Bitcoin witnessed this effect back in early March.

当这种重新测试是从下面发生的（即，当STH在重新测试之前处于红色时）时，同时可能会通过出售而做出反应，如果它们之间的情绪是看跌的话。这种恐慌在分裂中退出可以提供对资产的抵抗力。从图表中，比特币在3月初见证了这种效果。

After staying under the line for a couple of months, though, it appears the asset has finally managed to break above the resistance with the latest price rally. If the asset now goes on to see a sustained move in this profit region, it could be a signal that confidence is back among the STHs.

不过，在呆了几个月之后，看来，通过最新的价格集会，资产终于设法超越了阻力。如果现在的资产继续看到该利润地区的持续转移，则可能表明信心又回到了STH中。

Historically, these holders being bullish has meant that their cost basis has turned into a notable support level for the cryptocurrency.

从历史上看，这些持有人是看涨的，这意味着他们的成本基础已成为加密货币的显着支持水平。

BTC Price

BTC价格

Following a surge of almost 6% in the last 24 hours, Bitcoin has returned to the $93,600 mark.

在过去24小时内激增了近6％之后，比特币恢复了93,600美元。