Data: Bitcoin holds key support, price remains above short-term holding cost

According to on-chain data from CryptoQuant, Bitcoin has experienced a correction for 11 days, falling from $99,500 to $86,500, and is currently showing signs of stability. The price has returned to and held above the 1-day to 1-week realized price of $85,500, currently reported at $87,271, indicating that buyers from the past week are no longer at a loss, alleviating recent selling pressure.

From a technical perspective, the 0-1 day realized price of $87,300 constitutes short-term resistance, while the 1-week to 1-month realized price of $102,000 serves as an upper target. If the support at $85,500 can be maintained, there is potential to test the $90,000-$92,000 range, further challenging the resistance at $95,000-$99,000. However, if it falls below $85,500, it may retest the $84,000-$86,000 low.