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Breaking News: XRP Near $1.40—What Could Spark A Move To $1.70, And How The CLARITY Act Fits In
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Breaking News: XRP Near $1.40—What Could Spark A Move To $1.70, And How The CLARITY Act Fits In

Bitcoin Rejected At Key Cost Basis Zone—Is $68,000 The Next Support?

Keshav Verma
Keshav Verma
Last Updated: May 1, 2026 4:00 am
2 mins read
Bitcoin

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On-chain analytics firm Glassnode has highlighted how the latest Bitcoin rejection came inside a zone containing some historically important cost basis levels.

Bitcoin Could Find Support At -1 SD Of The STH Realized Price Next

In its latest weekly report, Glassnode has talked about a key cost basis zone that Bitcoin retested recently. The region in question involves two major on-chain metrics: the Short-Term Holder Cost Basis and True Market Mean.

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The first of these, the Short-Term Holder Cost Basis, measures the average acquisition price of the short-term holders (STHs), investors who purchased their Bitcoin during the past 155 days.

Statistically, the longer investors hold onto their coins, the less likely they become to sell them at any point. Since the STHs represent the new entrants of the market with a relatively low holding time, they can be considered the weak side of the market.

Due to their fickle nature, the STHs tend to be sensitive to retests of their cost basis. In bearish periods, this can show up as panic selling around their break-even mark, while in bullish phases they accumulate more at it.

The other on-chain level of relevance here, the True Market Mean, tracks the cost basis of the active market participants. It aims to provide a break-even mark for the network as a whole.

Currently, the True Market Mean is located at $78,000, while the STH Cost Basis at $79,000. Together, these two levels mark a zone that could act as resistance for the any rallies in this bearish environment.

And indeed, BTC’s recent attempt at recovery hit the brakes around these levels. As Glassnode explains:

This behavior is a textbook pattern in bear markets, where price approaches the breakeven level of the most price-sensitive cohort, the incentive to exit positions overwhelms incoming demand, exhausting upside momentum.

With Bitcoin rejected from this zone, the next major level of interest could be a standard deviation (SD) of the STH Cost Basis. Below is a chart that maps some SDs of the metric for BTC.

Bitcoin Cost Basis Models
Looks like the price of the coin has approached the STH Cost Basis with its latest rally | Source: Glassnode’s The Week Onchain – Week 17, 2026

From the graph, it’s visible that after rejection at the STH Cost Basis, the next level is the -1 SD at $68,000. In the past, this level has often acted as a point of support. It now remains to be seen whether Bitcoin will make another attempt at the resistance zone of the True Market Mean and the STH Cost Basis or if it will have to fall back to support.

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BTC’s earlier rally fizzling out is also visible through the lens of STH Realized Profit. As is visible in the below chart, the STHs ramped up their profit-taking as the BTC price marched up.

Bitcoin STH Realized Profit
How the STH Realized Profit has changed over the last few months | Source: Glassnode’s The Week Onchain – Week 17, 2026

BTC Price

Bitcoin has fallen to the $76,400 mark since its pullback.

Bitcoin Price Chart
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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