Data: Bitcoin nears breaking below on-chain average cost basis, has been below short-term holder cost for five consecutive days.

BlockBeats news, November 13 - Analyst Axel Adler Jr. posted that Bitcoin once fell to around $68,000 and has been below the short-term holder realized price of $75,429 for five consecutive days. The price-to-cost ratio is about 0.90, meaning short-term holders are sitting on an overall unrealized loss of about 10%, and the gap between the spot price and the average cost of recent buyers has widened further. Over the same period, the MVRV Z-Score fell 0.13 in a week to 0.54. The indicator remains positive, but the market's overall unrealized profit buffer is narrowing. If it falls below zero, it means the price has dropped below the on-chain average cost.

The analyst pointed out that when this indicator turned negative in late 2022, it was accompanied by the final capitulation sell-off of the bear market. The last time it approached this reading was on August 19, when Bitcoin was around $69,335 and rose about 14% a week later. Over the past year, the indicator has been at or below this level on 38% of trading days. Bitcoin remains in a correction; if it can sustainably return above the short-term holder realized price, it would strengthen the judgment that the market is building support, while if the MVRV Z-Score falls below zero, it would point to deeper pressure.