Analyst: Bitcoin Closes Above Active Supply Cost Basis of $70,400

CryptoQuant analyst Darkfost stated that Bitcoin is attempting to close above the cost basis of its active supply today. Active supply refers to all Bitcoin that has been traded at least once over the past seven years. By excluding inactive Bitcoin this way, the realized price is approximately $70,400. Given current market conditions, this is a more reasonable cost basis. Bitcoin last successfully closed above this level in early April, then fell below it in early June, with sellers regaining control of the market.