Short-term Bitcoin holders are nearing a break-even point as the market enters a potential recovery phase. For months, these holders have faced losses, with their cost basis exceeding the spot price. However, recent shifts show prices aligning with realized prices across various short-term cohorts, including Trader Realized Price and STH bands.This change indicates a psychological shift, as holders oscillate between small losses and marginal profits. The market is currently in a "boredom zone," where participants must decide whether to hold or sell at break-even. The SOPR metric, which measures profitability, has moved above 1, suggesting a transition from capitulation to recovery. This shift could lay the groundwork for a sustained upward move, contingent on maintaining profitability without triggering significant sell-offs.