Bitcoin Eyes $108.6K Support as Realized Price Metrics Climb
Bitcoin (BTC) has slipped 10% from its all-time high of just over $124,000, but on-chain data suggests the correction is occurring against a backdrop of continued investor accumulation.
The immediate level to watch is $108,600, aligning with Bitcoin’s Short-Term Holder Realized Price (STH RP) — a key on-chain support that reflects the average acquisition cost of coins moved in the past 155 days. Historically, this level has acted as a reliable floor during bull markets, often marking the turning point during sharp 20–30% pullbacks.
BTC has remained above its STH RP since February. The last significant test came in April, when prices briefly fell to $76,000 following geopolitical jitters tied to former President Trump’s new tariff policy. That move ultimately defined the cycle low.
Meanwhile, broader Realized Price (RP) metrics, which track the average cost basis across the entire supply, have also pushed higher. Both RP and STH RP rose more than 1% in the past week, highlighting persistent inflows and bullish conviction despite recent volatility.
This upward movement in cost basis suggests long-term holders continue to absorb sell pressure, keeping the broader bullish structure intact even as price corrects.
Key takeaway: If BTC can hold above the $108.6K support zone, the correction could provide a launchpad for renewed upside — especially if accumulation trends remain intact and macro conditions stabilize.
