CoinDesk
Bitcoin has gained 15% since Monday and is approaching $72,000 after reclaiming its short-term holder cost basis at $67,138 and its 200-day simple moving average at $68,969. Strategy, Coinbase and other crypto-related equities are rallying alongside the move, while Bitcoin's next major on-chain level is the True Market Mean at $75,689. The backdrop includes Treasury Secretary Scott Bessent's announcement of Treasury debt buybacks and President Trump's call for Congress to move on the Clarity Act at a White House crypto event.
Why it matters
Trading above the short-term holder cost basis means coins held for less than 155 days are, on average, in profit. Reclaiming the 200-day SMA adds a longer-term trend signal and points to a more constructive, risk-on market environment. The 200-day SMA tracks Bitcoin's average closing price over the previous 200 days and is widely used as a longer-term trend gauge.
The rally is also reaching listed crypto proxies. Strategy, the largest corporate holder of Bitcoin, is 10% higher in premarket after gaining 13% on Wednesday. Bullish is up 5% after rising more than 9% on Wednesday, while MARA Holdings and Coinbase are also rallying in premarket.
Market impact
The True Market Mean at $75,689 filters out lost coins and long-dormant supply to estimate the active investor cost basis. A sustained move above it would put the average active investor in unrealized profit and could signal a broader shift toward a more bullish market.
For now, reclaimed technical levels and gains across crypto equities are reinforcing the Bitcoin rally. Traders will be watching whether BTC can hold above $68,969 and challenge $75,689.
Frequently asked questions
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What technical levels has Bitcoin reclaimed?
Bitcoin has moved above its short-term holder cost basis at $67,138 and its 200-day SMA at $68,969.
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What does the $67,138 short-term holder cost basis show?
It represents the average acquisition price of coins held for less than 155 days. Bitcoin trading above it indicates those recent buyers are collectively in profit.
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Why is $75,689 important for Bitcoin's next move?
It is the True Market Mean, which filters out lost and long-dormant supply to estimate the active investor cost basis. A sustained move above it would put the average active investor in unrealized profit and could signal a broader bullish shift.
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Which crypto-related equities are rallying with Bitcoin?
Strategy is 10% higher in premarket after gaining 13% on Wednesday. Bullish is up 5% after rising more than 9% on Wednesday, while MARA Holdings and Coinbase are also rallying.
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Which policy developments form the backdrop to the rally?
The backdrop includes Treasury Secretary Scott Bessent's Treasury debt-buyback announcement and President Trump's call for Congress to move on the Clarity Act at a White House crypto event.
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