Bitcoin's short-term holders are buying the dip, mirroring the rebound pattern observed after February's pullback, according to CryptoQuant analyst Axel Adler Jr. The short-term holder realized pressure model shows a buyer-dominated market, with a buyer pressure score of 30%, surpassing sellers' 22%. This shift indicates an accumulation phase, as chips move from short-term holders to stronger buyers. Currently, Bitcoin is priced at $63,900, close to the lower bound of short-term holders' cost-basis range at $61,600. This price is approximately 4% above the cost basis of recent buyers and nearly 10% below the aggregate cost basis of $71,000. The analyst emphasized that maintaining the $61,600 level is crucial for the demand structure, while reclaiming the $71,000 cost basis would confirm a stronger market position.