Bitcoin's price is nearing the average purchase cost for short-term holders, currently at $99,460, with the current price at $95,500, according to Crypto Quant analyst Axel. The 4% gap suggests a critical decision-making phase rather than a market retreat. Historically, such proximity to cost benchmarks can lead to increased volatility, potentially sustaining the trend or triggering a reversal. If Bitcoin stabilizes above $100,000, short-term holders could return to profit, boosting market sentiment. Conversely, a drop below $89,500 could increase pressure on losing positions, with a discount rate exceeding 10%.