CryptoQuant analysis indicates that Bitcoin's current price is approximately $70,000. Short-term holders (STH) have a realized price higher than the current price, with only about 8% of approximately 5.7 million BTC in profit and about 92% in a loss state, forming potential selling pressure. Meanwhile, Strategy holds approximately 762,000 BTC with a realized price of about $75,600, which aligns with the recent price rebound resistance zone. The overall average realized price is approximately $54,000, and historically during bear markets, prices typically fall back or remain below this level. Data shows that the current market faces resistance at the upper cost zone, with concentrated loss-making positions, indicating the structure remains relatively fragile.