Key Bull Market Level in Focus as Bitcoin Retreats 10% From Recent Highs

Bitcoin Pulls Back 10%, But Rising Cost Basis Suggests Accumulation Remains Strong

Bitcoin (BTC) has retraced 10% from its record high of just over $124,000, but on-chain data shows investors continue to accumulate — even as prices dip. The next significant support level is emerging around $108,600, aligning with the Short-Term Holder Realized Price (STH RP), a historically important threshold during bull cycles.

The STH RP represents the average purchase price of coins moved in the last 155 days, making it a reliable gauge of short-term sentiment. In previous bull markets, Bitcoin has frequently retested this level during corrections before continuing its climb. So far in 2026, BTC has respected this line, including a sharp retest in April that marked the market bottom near $76,000 following geopolitical and trade-related stressors.

More broadly, the Realized Price (RP) — which averages the acquisition cost across the entire circulating supply — is also trending higher. Both RP and STH RP have climbed more than 1% over the past week, reflecting growing conviction among holders and suggesting fresh capital is still entering the market.

This data paints a resilient picture: while spot prices face pressure, long-term holders appear unfazed, and the rising cost basis across cohorts indicates the correction is being met with demand rather than capitulation.

If Bitcoin holds above the STH RP, it would reaffirm the pattern of healthy retracements during bull trends — setting the stage for potential continuation once near-term volatility subsides.