Analysis: Bitcoin needs to break through the $84,000 resistance level to continue its upward trend, with the next target price at $92,000.

According to Mars Finance, on-chain indicators such as the Short-Term Holder (STH) cost base suggest that the price of BTC still has room to rise, with the next key target at $92,000. This rally has pushed Bitcoin above its STH cost base—currently at $79,000. The STH cost base refers to the average purchase price paid by investors who have held Bitcoin for less than 155 days. Historically, breaking through this level has propelled the market into an extended recovery phase—a return to profitability incentivizes investors to hold or even add to their positions to maximize returns. This shift often acts as a catalyst for a macro uptrend, attracting new buyers and triggering a short squeeze while short sellers remain in a state of "disbelief." Charts show that when the price recovered its realized price in April 2025, it surged 30% four weeks later, heading towards the upper limit of this indicator at $112,000. Similar scenarios in October 2024, October 2023, and January 2023 also pushed the BTC price to the same on-chain level. If BTC breaks through this line, there is a high probability that it will rise to $92,423 in the short term, about 13% higher than the current price. Analyst Mitchell Askew said, "Bitcoin has broken through a highly watched short-term holder breakout point. This usually marks the end of a bear market and consolidation period." Bitcoin analyst Plan C said that if the price "can find sustained support above this level," it will confirm that the 50% retracement from the all-time high of $126,000 is only a "mid-cycle correction." However, the continuation of Bitcoin's rebound now depends on whether it can break through the $82,000 to $84,000 supply zone. Michael van de Poppe, founder of MN Capital, marked $84,000 to $86,000 as the "next resistance zone," and if broken, Bitcoin could "continue to rise to the 50-week moving average near $90,000." Meanwhile, Bitcoin whale order books show "concentrated large sell orders" between $82,000 and $84,000, making this range a key level for the bulls to break through.