Bitcoin is attempting to recover its active supply cost basis, a measure that excludes long-dormant coins and better reflects the cost structure of the current market. CryptoQuant analyst Darkfost puts the related realized price at about $70,400. Bitcoin last successfully reclaimed the level in early April, but fell below it again in early June as sellers regained control. Darkfost said that holding above the threshold this time could point to the formation of a longer-term uptrend rather than another brief breakout lasting about two months. The ability to remain above roughly $70,400 is therefore a key marker for the balance between bullish and bearish forces, as well as for the market cycle and changes in long-term holder costs.