Bitcoin's current price is below the average purchase price paid by short-term holders, potentially leading to panic among these holders due to unrealized losses. Analyst James Check, also known as "Checkmatey," expressed concern over the recent price drop that saw Bitcoin hit its lowest level since February, causing short-term holders to have a 3% unrealized loss on average despite a slight recovery in price. The decline in price, which represents a 4% decrease in the past 24 hours, was accompanied by the liquidation of $100.27 million in long positions. This drop in price was influenced by a broader crypto sell-off as traders awaited the Federal Reserve's interest rate decision. Although short-term holders are facing challenges, historical patterns suggest that breaking the cost basis is not the end of the bull market, according to analysts. Furthermore, short-term holder cost basis typically acts as support during bull markets and resistance during bear markets. On-Chain College pointed out that specific price movements, such as a "quick move" to $59,600, could indicate a bullish trend. The article emphasizes that it does not provide investment advice, and readers should conduct their research before making decisions.