CryptoQuant Analyst Says Bitcoin Is Trying to Close Above Active Supply Cost Basis

CryptoQuant analyst Darkfost said Bitcoin is trying to close above the cost basis of active supply today. According to ChainCatcher, active supply refers to all Bitcoin that has traded at least once in the past seven years, and the resulting realized price is about $70,400.Darkfost said this level is a more reasonable cost basis given current market conditions. Bitcoin last successfully closed above this level in early April, before falling below it in early June, when sellers regained control of the market.