Bitcoin short-term holders, defined as those holding BTC for less than 155 days, have been experiencing losses for approximately nine consecutive months, according to CryptoQuant analyst Darkfost. This trend is indicative of a bear market. The cost basis for these holders is around $68,800, which remains a significant resistance level. As Bitcoin attempts to maintain a position above $65,000, these holders are currently facing an estimated 4% loss. Darkfost highlights that reclaiming the $68,800 level could restore short-term optimism and confidence in the market, which is currently in dire need of such sentiment.