CryptoQuant analysis indicates that Bitcoin's current price is approximately $70,000. Short-term holders (STH) have a realized price higher than the current price. Of the approximately 5.7 million BTC, only about 8% are in profit, while roughly 92% are at a loss, creating potential selling pressure. Meanwhile, about 762,000 BTC held by Strategy has a realized price of around $75,600, which is consistent with the recent resistance zone preventing price rebound. The overall average realized price is approximately $54,000, a level at which prices have historically pulled back or remained below during bear markets. Data shows that the current market faces resistance in the upper cost zone, with concentrated loss positions, and the overall structure remains relatively fragile.