CryptoQuant analysis indicates that Bitcoin is currently trading at approximately $70,000. Short-term holders (STH) have a realized price higher than the current price, with only about 8% of the approximately 5.7 million BTC in profit and about 92% in loss, forming potential selling pressure. Meanwhile, Strategy's approximately 762,000 BTC has a realized price of about $75,600, which is consistent with the recent price rebound resistance zone. The overall average realized price is approximately $54,000, a level where prices typically fall back to or remain below during historical bear markets. Data shows the current market faces resistance at the upper cost zone, compounded by concentrated loss positions, indicating the structure remains relatively fragile.

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