Bitcoin Holders Still Waiting for Breakeven as Futures Market Rises

Bitcoin holders are still waiting to break even as the price hovers near $65,200. The 30-day Short-Term Holder SOPR has climbed to 0.997, just below the neutral mark of 1.0. This means short-term holders are currently selling at a slight loss rather than a gain.

Historically, breakeven attempts by short-term holders have failed twice this year, in January and May. If this latest attempt fails again, it could result in repeated selling pressure, capping upside potential.

The futures market is also playing a significant role in Bitcoin's price action. Long positions in Bitcoin futures have hit a record high of 361,000 BTC, accounting for about 57.62% of all open futures positions, valued at roughly $23.4 billion.