Bitcoin has regained the $81,000 level, and on-chain indicators point to a next short-term target in the $92,000 range.

On May 6, Cointelegraph reported that buying resumed early in the Asian session, briefly lifting bitcoin to $82,240 and a fresh multi-month high.

The indicator that drew attention in the latest rebound was the short-term holder cost basis. Glassnode data put it at about $79,000. The short-term holder cost basis refers to the average purchase price of investors who have held bitcoin for less than 155 days. The report cited that when bitcoin moves back above this level, recent entrants often return to profit, selling pressure eases and additional buying capacity frequently increases.

BTC/USD rose 37% from a $60,000 low recorded on Feb. 6 and traded above $82,000 overnight. Similar patterns have repeated in the past. In April 2025, after bitcoin regained the realised price, it rose 30% in four weeks to $112,000, the upper end of this indicator. Rebounds toward the same on-chain band also appeared in October 2024, October 2023 and January 2023.

Based on current levels, analysis suggests that if bitcoin breaks above the upper line, it could have short-term upside to $92,423. That is about 13% above the current price.

Market analyst Mitchell Askew said in a post on X, formerly Twitter, that bitcoin had moved beyond the "short-term holder breakout" zone. Analyst PlanC also said that if bitcoin holds above the level, it would confirm that the pullback of about 50% from a $126,000 peak was limited to a mid-cycle correction.

Short-term holder SOPR, which shows whether profits are being realised, has also improved. Analyst Bitbull said the indicator has moved back above 1, meaning recent buyers have returned to profit and selling pressure is easing. That is why market participants view the shift in short-term holders' profit and loss as a signal of a sustained rebound.

Whether the uptrend continues immediately is a separate issue. The market sees the $82,000 to $84,000 range as a key supply zone and resistance. A weekly close with bitcoin above the 20-week exponential moving average and the market average near $78,300 raised expectations for further gains, but the prevailing view is that it must clear the resistance to extend the trend in earnest.

Analyst Dan Crypto Trades said bitcoin is retesting the low-$80,000 area, where last November's low overlaps with the daily 200-day moving average. He called it an important level for bitcoin bulls. The 200-day exponential moving average is at $82,600 and the 200-day simple moving average is at $83,402.

Analyst Michaël van de Poppe flagged $84,000 to $86,000 as the next resistance range. He said that if bitcoin breaks through, it could extend to around $90,000, where the 50-week moving average sits. Whale order books also showed large sell orders clustered between $82,000 and $84,000, making the band a key area that could set the short-term direction.

Ultimately, the next stage of bitcoin's rebound depends less on improved on-chain indicators than on whether it can actually clear resistance around $84,000. If that resistance is removed, the next price level the market is watching is around $92,000.

Multiple days in a row we're seeing strength on #Bitcoin. So, before everyone gets too excited, it's very healthy to have some consolidative days before we continue the journey higher. It's clear that there's more ETF demand and that won't stop. First few weeks of the month =… pic.twitter.com/JCwU1g9IWu