Bitcoin Pullback Eyes Support at $108.6K as Accumulation Trends Hold Firm
Bitcoin (BTC) has retraced roughly 10% from its all-time high above $124,000, with market participants now watching the $108,600 level closely — the average acquisition cost of short-term holders — for potential support.
The Short-Term Holder Realized Price (STH RP), which tracks the average price at which BTC was last moved within 155 days, has historically served as a key support zone during bull markets. In past cycles, this level has been retested during 20–30% corrections before upward momentum resumed.
Bitcoin’s price has remained above this threshold since February, with the most notable retest in April, when prices dropped to $76,000 amid market stress following the announcement of new U.S. tariffs under President Trump.
Despite the recent price pullback, on-chain trends remain constructive. Both the STH RP and the broader Realized Price (RP) — the average acquisition cost across the entire BTC supply — have risen by more than 1% over the past week, indicating sustained accumulation activity.
The steady increase in these realized price metrics suggests that investors are continuing to absorb supply at higher levels, reinforcing structural market support. While near-term volatility persists, the rising cost basis implies that long-term conviction remains intact.
BTC bulls are now looking for a firm defense of the $108.6K level, which could pave the way for a renewed push higher if broader market conditions stabilize.
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