According to glassnode, Bitcoin is trading below the Short-Term Holder (STH) cost basis of $92.5K, a historical threshold distinguishing local bull and bear phases. The STH Market Value to Realized Value (MVRV) ratio stands at 0.96, indicating STHs are experiencing an average paper loss of 4%. If Bitcoin fails to reclaim the STH cost basis, it could lead to sustained selling pressure from recent buyers.