Analyst: Bitcoin closed above the active supply cost price of $70,400

CryptoQuant analyst Darkfost stated that Bitcoin is trying to close above the cost price of active supply today. Active supply refers to all Bitcoins that have been traded at least once in the past seven years. By excluding inactive Bitcoins in this way, the actual price is about $70,400.

Given the current market conditions, this is a more reasonable cost price. The last time Bitcoin successfully closed at this level was in early April, after which it fell below this level in early June, and sellers regained control of the market.