Bitcoin's Realized Price, an on-chain metric indicating the average acquisition cost for investors, currently stands at $54,000, according to CryptoQuant. Historically, Bitcoin has revisited or stayed below this level during bear markets. Despite recent bearish momentum, Bitcoin remains above this threshold, suggesting investors are still in net profit. However, short-term holders, who acquired Bitcoin within the last 155 days, are experiencing losses as the spot price hovers below their Realized Price. CryptoQuant notes that recent buyers are under pressure, potentially leading to sell-offs during price rebounds. Meanwhile, Strategy, the largest Bitcoin treasury, sees its Realized Price at $75,600, a level where recent rallies have faced resistance. Bitcoin is currently trading around $68,400, maintaining a sideways trend.