Analyst: Bitcoin is testing the cost basis of short-term holders, showing more resilience than during the FTX collapse

According to CryptoQuant analyst Axel Adler Jr., the price of Bitcoin is testing the cost basis of short-term holders (STH), with the accompanying image indicating that this level is around $75,900.

He believes that the market's reaction to the Binance hacking incident has been relatively restrained; compared to the market reaction during the FTX collapse, Bitcoin is currently showing greater resilience.