Analyst: If Bitcoin falls below the short-term holder cost price of $91,000, the bull market may face a test

ChainCatcher news, according to CoinDesk, analyst Van Straten pointed out that Bitcoin has currently pulled back nearly 10% from its historical high of $109,000, dropping to around $98,000. Since Trump's election as President of the United States, Bitcoin has risen from $66,000 to a new high, experiencing two pullbacks of 15% during this period.

On-chain data shows that the cost basis for short-term holders is at $91,000, and a break below this key support level could put pressure on the current bull market. Market bearish sentiment is rising, and the Bitcoin funding rate has turned negative. BitMEX co-founder Arthur Hayes predicts that Bitcoin may pull back to the $70,000-$75,000 range before reaching $250,000.